Floyd???

Maybe, maybe not.  But, if you are confident in your ability to manage him safely so that neither he, nor the public, is at risk, then what's the issue?  You seem to be savvy, as well as understanding of your potential liability in the matter.  It's not whether you are a good placement for this dog, but whether the rescue should have placed him at all.  I don't necessarily think that a herder (remember - leery of strangers, high drive, scared at that moment) biting an ACO is necessarily an accurate picture of that dog.  However, I think you do need to consider that the dog did use his teeth to try to deal with his discomfort.  The good news seems to be that the bite was not so severe on the bite-o-meter...is that right?  Severity is also an issue.  As is the fact that there are children in the Universe that must be protected from any dog that is likely to deal with fear by biting.  It's a fine line you walk, but I would not necessarily say that this dog is impossible to manage.  In fact, anyone who owns a guardy dog must manage it, whether the dog has bitten or not.

I would not have taken Floyd, because I am not confident in my ability to handle the dog you describe safely - but, it seems, from your posts that mention Floyd, that you are. 
 
I know many people who have dogs that have, under duress (like when cornered by an animal control officer), bitten - and I think Anne is right that the severity of the bite needs to be taken into account...  In my experience with rescues, this is taken into account, along with the other circumstances surrounding the "bite" of a dog in foster care or who is being surrendered.  This sometimes results in the rescue having to make the very tough call that a particular dog is not adoptable and has to be euthenized and sometimes it means that the rescue needs to find a very special home for a dog with issues that will need a lot of work and management.  In this case, from the limited information I have - I would give the rescue the benefit of the doubt, they probably saw in Floyd a dog who could do well under the right set of very particular circumstances, and there you were...
 
You knew what you were looking for, you seem like a very dog savvy person, and Floyd fits the bill.  I am very very happy for Floyd - because he doesn't sound like a dog who had a good chance for finding the right home for him...
 
 

I wouldn't have taken him either, for pretty much the same reasons as schleide.  I don't have any confidence at all in my ability to handle a large dog with serious issues.  It sounds like you're the perfect person for Floyd and I'm really happy that he found a loving home with you.
 
Joyce

As everyone else has said, I think there is a big difference between a dog that nips when cornered, and a dog that shreds someones arm because it is spooked.  Malinois are bred for hard mouths anyway, right?  Even with that said, I don't think I would adopt a dog that I knew had bitten, no matter what the severity.  However, I also live in an apartment and we are constantly around tons of strangers, as well as extended family (including children) and friends.  It sounds like you have a more secluded fenced enclosure, and are able to manage Floyd safely. 
 
Everyone has different needs in a dog, and if yours are being met without endangering anyone else, then you two are a good match.  I'm very partial to this breed.  []

As you describe your situation, without a doubt YES-taken Floyd!