Steve,
It's 1-1/16" for the same reason that we have number and letter drills that give no idea of their size, a virtual plethora of meaningless gage numbers and other Imperial idiocies.
For some reason - ego, ignorance, or sheer bloody-mindedness - the Imperial system has delighted in creating odd-ball measurements, sizes, etc. and then doggedly sticking with them despite the confusion, annoyance and errors they create.
We see this here in the USA in the quasi-religious resistance to using metric. The great advantage of metric is not in the power-of-ten progression of the measurements or the unwillingness to create bastard units, but rather in the fact that it's a logical system that demands open-ended scales (no more idiot 000 sizes or gages) and sizes based on simple multiples of the base unit (no 0.0737 mm screw pitch). I could go on about the LOGIC of metric, as opposed to its computational simplicity, but I don't want to start a metric-Imperial debate - all such debates simply generate verbal entropy.
When I was starting out, I selected a few common sizes on which to standardize (as much as that is possible in the Imperial insanity) for any tools I made. Shafts in aliquot sizes, 1/4-20 and 10-32 screws where possible, etc.. The synergy effects have been amazing. I can't count the number of times I've wanted to combine two jigs in a way not envisioned when they were made and it's been possible to do because of this standardization.
Make your tooling plate with this idea in mind. Then, as you make things to attach to that plate, observe your own self-imposed standards. You'll not regret it.
I make mostly small parts, so my 'tooling plate' is a small fixture that mounts in the milling vise via a block base. A few pictures may give you some ideas. (Feel free to contact me for more details.)
Think about adding a plate to your rotary table too, if you have one. I added an 8" plate to my 6" RT and it's made a world of difference in the ease with which I can clamp work.