  Floodlight quantum key distribution (FL-QKD) has realized a 1.3\,Gbit/s
secret-key rate (SKR) over a 10-dB-loss channel against a frequency-domain
collective attack [Quantum~Sci.~Technol. {\bf 3}, 025007 (2018)]. It achieved
this remarkable SKR by means of binary phase-shift keying (BPSK) of multiple
optical modes. Moreover, it did so with available technology, and without
space-division or wavelength-division multiplexing. In this paper we explore
whether replacing FL-QKD's BPSK modulation with a high-order encoding can
further increase that protocol's SKR. First, we show that going to $K$-ary
phase-shift keying with $K = 32$ doubles---from 2.0 to 4.5\,Gbit/s---the
theoretical prediction from [Phys.~Rev.~A {\bf 94}, 012322 (2016)] for FL-QKD's
BPSK SKR on a 50-km-long fiber link. Second, we show that $2d\times 2d$
quadrature amplitude modulation (QAM) does not offer any SKR improvement beyond
what its $d=1$ case---which is equivalent to quadrature phase-shift
keying---provides.
