I don't see any benefits of this. If you have N baby steps with 1 bit of each, then roughly N/2 steps will collide with each giant step. This mean you will need to perform at least N/2 additional operations on each giant step to check false positives.

This leads to the fact that the ability to store n-times more baby steps leads to an n-times increase in the size of the giant step, but at the same time increases the number of operations required to check the collision by the same number.

Simply put, this ultimately will not give any increase in speed compared to maintaining the full baby step value.