Throwing away 25% of your bits sound wasteful... what you need is a moderately large power of 2 that is very close to a power of 3. These can be found by computing the continued fraction of log(3)/log(2). The sequence of convergents starts thus 2/1, 3/2, 5/3, 8/5, 11/7, 19/12, 46/29, 65/41, 84/53. Some good choices seem to be 2^8-3^5=13 (loses 5%) or 2^46≈3^29 (loses 2.5%).
You can also detect Z state by driving the input high, reading, then driving the input low, reading. If both reads are different, then you have a Z state. Otherwise, the input is the read state.
