Existing low-bit Microscaling (MX) formats, such as MXFP4, often suffer from substantial accuracy degradation due to the use of a shared scaling factor with the Power-of-Two format. In this work, we explore strategies that introduce minimal metadata to recover accuracy lost during quantization while maintaining high bit efficiency across a wide range of large language models. We propose a complete algorithm-hardware co-design based on flexible metadata, featuring an online quantization with simple encoding. To support the proposed method efficiently, we implement a lightweight hardware unit and integrate it into the accelerator. Evaluation results demonstrate that our method substantially narrows the accuracy gap, achieving on average a 70.63% reduction in accuracy loss compared to MXFP4 and a 37.30% reduction relative to the latest NVFP4 on LLM benchmarks. Furthermore, our design delivers up to 1.91× speedup and 1.75× energy savings over state-of-the-art accelerators.