BobB when you say that you leave the power supply floating do you mean the power supply for the I/O?
A floating power supply can have catastrophic consequences using Siemens
24Vdc output modules. This situation can occur if some reason the +24
is brought to Earth or ground potential which will bias all the transistors to turn on regardless of logic, which means everything will start up without control. On a floating supply no protective device activate in this situation.
I have seen this happen 2 times, once on the old S5 115, and also on S7 300.
In Europe the negative logic method is not used, the Positive logic method being preferred.
I would always Ground the 24-, so if there is a ground fault a circuit breaker will isolate the fault.