Is any fraction $\,{x}\big/ {y}\,$ an ordinal number and if so, does ordinal $\,1 = \big\lbrace0,\dots,y - 1\big/y\big\rbrace\,$ instead of $\,\left\lbrace0\right\rbrace\,$?
"If (X, <=) is a well ordered set with ordinal number x, then the set of all ordinals < x is order isomorphic to X. This provides the motivation to define an ordinal as the set of all ordinals less than itself. John von Neumann defined a set x to be an ordinal number iff
If y is a member of x, then y is a proper subset of x.
If y and z are members of x, then one of the following is true: y = z , y is a member of z, or z is a member of y.
If y is a nonempty proper subset of x, then there exists a z member of x such that the y intersection z is empty." (http://mathworld.wolfram.com/OrdinalNumber.html)
Well, $1$ is usually defined to equal $\{0\}$, not $\{0,1\}$, so there's many levels on which I'm not quite following. But if your question is whether fractions of ordinal numbers make sense, the answer is yes - kind of.
In particular, if you're willing to move from the usual Cantorian definitions of addition and multiplication of ordinal numbers to the Hessenberg operations, then it is indeed possible to make sense of ordinal fractions. One way of doing this is to view each ordinal as the corresponding surreal number and to just use surreal arithmetic, which agrees with Hessenberg arithmetic on the ordinals. As far as I know, expressions like $$\frac{\pi}{\omega^2+1}-\sqrt{2\omega}$$ make perfect sense in the surreal numbers. Perhaps someone with more expertise can come along and confirm.