I actually made some tests on my own (using generate_series) and did
not find any disk space or performance issues yet.
I've also found this paper from 2012 about "Sensor Data Storage
Performance: SQL or NoSQL, Physical or Virtual"  [2] which confirms my
observations.

Now, you have to know that there are about 100 attributes for the
machines/tables - not only 40 - so I initially thought, it's easier to
setup the schema using bit(50) and float8[50].

Did you try to use a (single) hstore or jsonb column instead where the 
attribute name is the key?

You'd lose some type safety, but those data types can be compressed, so that 
might be worth the trade off

Thomas



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