Dear Georgina -
I found your biological perspective rare and refreshing. I believe that the It-Bit question needs to be considered in all the fields that affect our interpretation of the Cosmos, including the biological and cognitive fields.
Your section on 'numbers and noise' reminds us that information is determined by the recipient - a concept I extend into a paradigm that defines our Cosmos more precisely as a 'Species Cosmos', something you deal with also - in your treatment of superpositions.
I propose a structure founded on the concept that all is energy, even information and abstractions, and that all perceived energy manifests in physical form (even information). Even though the particles involved in cognition are still elusive, there is much we can say about the physicality of cognitive reality.
This means that, like you, I give information a more tangible definition than mere probabilities. In fact, I describe the cosmos in terms of Inorganic, Organic, and Sensory-Cognitive Vortices of energy, and describe each in physical terms.
I show that these Vortices are correlated but distinct fields, interacting directly with the greater field of energy from which the Cosmos emerges.
These three fields remain distinct from one another - that is, they do not interact directly - and I describe how this creates the correlation of It and Bit (rather than any type of sequential relationship) over the course of evolution. You conclude along similar lines - "'It from Bit' and 'Bit from It', together."
Indeed, It and Bit are continually altering their relationship: information is 'shaping itself' - as do Inorganic and Organic phenomena over the course of evolution. This has an impact on the question of meaning (which you cover most interestingly); since the Inorganic, Organic, and Sensory-Cognitive Vortices are equally fundamental - the Cosmos develops life, and the cognition associated with living things, as inevitably as it develops matter from energy. This in turn imbues all things with direction and meaning, though in the context of a 'Species Cosmos' - which finally is the only context we know.
Yours is a valuable 'real world' interpretation of things, I hope you'll find mine to be of interest to you, too.
All the best,
John.