I don't think this is a case of quantifier float, because unlike regular quantifier float, the 60% must appear adjacent to the substance noun. If we add more auxiliary verbs we can see this quite clearly:
- The students might have been all studying.
- The students might have all been studying.
- The students might all have been studying.
But the 60% cannot do this:
- The body might have been 60% water.
- *The body might have 60% been water.
- *The body might 60% have been water.
So I think that this shows that the percentage forms a unit with water and not the subject.
If we change the verb, the percentage is still possible, but the paraphrase with the subject isn't:
- This heavy cream contains 35% milk fat.
- #35% of this heavy cream contains milk fat.
We can also use a percentage+substance as a nominal modifier, where there is no subject for the percentage to have floated from.
- For this application, use a 40% alcohol solution.