Although it is possible that I am not understanding your point, I believe your correction is incorrect.
127.1 is 127.0.0.1. There is no range. 127.1.1 is 127.1.0.1. Again, there is no range. (Well, to be exact, there is a range of 1) The spec allows zero's before the last to be left out as a convenient expression form, not as a method of defining subnet's or 'range'. IPv6 has a similar form that allows a single '::' to be specified within the address that indicates that all missing numbers at this location are 0. Again, it is a convenient expression form, and nothing more.