Both software single precision and double precision floats are slow, the order of magnitude is the same.
If you have plenty of time and resources and are lazy, use double; because if you are lazy, you likely won't be doing any analysis for accuracy anyway, so the only way to succeed is to really overspecify. Hence double "by default".
If you then see you are having performance issues (test with doubles first!), go for fixed point. This also forces you to analyse numerical ranges and precision.
After this being said, if you still want to use single precision float, remember to call SP library functions, like sinf, cosf, absf and so on.