Frege's ill-fated program to define the natural numbers in terms of abstraction was intended as a genuine account of what natural numbers are, not just a way of encoding numbers in set theory like Russel and Whitehead did.
Russel and Whitehead identified, for example, the number 1 with the set containing the empty set. This can't be taken as a serious proposal for what the number 1 is and always has been. It is implausible that throughout history, when people have used the number 1, what they were really referring to is the singleton set containing only the empty set. How is this set connected to a set containing just one sheep or one urn of beer? Why would ancient people have had any use for a set containing just the empty set?
By contrast, Frege identified the number one with the set of all sets with one element. This is far more plausible as an account of what numbers are and always have been. There is a natural, intuitive relationship of membership between the set of all sets with one element and a set containing just one sheep and with a set containing just one urn of bear. Ancient people may not have been able to articulate that the number 1 is the set of all singleton sets, but they used it just like it was. They also couldn't articulate that the Morning Star was a planet roughly the same size as the entire earth, but that didn't stop them from referring to it.
Let me define a historically plausible account of an abstract object (such as a number) as an account that defines an abstract object in terms of other abstractions in such a way that the account explains how historical people were able to grasp the original object and operate on it without understanding exactly what it was. By this definition, Frege's account is historically plausible and Russel and Whitehead's is not.
Another example of a historically plausible account of mathematical objects is Whitehead's account of geometrical objects such as points and lines in terms of extensive abstraction.
Neologicists have taken up Frege's method and tried to fix the problems with Basic Law V as well as trying to account for other areas of mathematics such as real numbers. However, when they define real numbers, they define integers as pairs of real numbers, rational numbers as pairs of integers, and real numbers as sets of rational numbers. None of this strikes me as historically plausible.
So, I really have two questions: (1) Don't neologicists care about historical plausibility? Have they just discarded that part of Frege's work? (2) Has anyone tried to account for real numbers in a historically plausible way?