You don't want to do the calculation twice if you don't have to.  Try this:

SELECT CONCAT(F.FloorWeight,'lbs ',(W.WeightinPounds - F.FloorWeight)*16,'oz') as PtWeight
FROM #T t
CROSS APPLY (
    SELECT t.PtWeight * 2.2
    ) W(WeightinPounds)
CROSS APPLY (
    SELECT FLOOR(W.WeightinPounds)
    ) F(FloorWeight)

John