Perhaps the most common construction of the rational numbers is the one given by taking the field of fractions $\mathrm{Frac}(\mathbb{Z})\cong\mathbb{Q}$ of the ring $\mathbb{Z}$ of integers.
I'm wondering whether it's possible to do the same with the sphere spectrum $\mathbb{S}$, using the constructions given in Lurie's Higher Algebra, Section 7.2.3. Namely, in that section Lurie shows how to construct an $\mathbb{E}_1$-ring spectrum $S^{-1}R$ starting from an $\mathbb{E}_1$-ring spectrum $R$ and a subset $S$ of $\pi_*(R)$ consisting of homogeneous elements only and satisfying the left Ore condition (HA 7.2.3.1).
Question I. What do we know about the ring spectrum $(\pi_0(\mathbb{S})\setminus\{0\})^{-1}\mathbb{S}$? For instance, can we say anything useful about its homotopy groups¹? Is it also $\mathbb{E}_\infty$? Does it arise naturally in other contexts in homotopy theory?
¹HA 7.2.3.19 and 7.2.3.20 seem relevant here: they seem to indicate (I don't understand the statements too well) that the elements $\pi_*((\pi_0(\mathbb{S})\setminus\{0\})^{-1}\mathbb{S})$ might be of the form $[\nu]/k$ for $[\nu]$ in $\pi_*(\mathbb{S})$ and $k\in\mathbb{Z}\setminus\{0\}$.
Secondly, the subset $S$ of $\pi_*(\mathbb{S})$ given by all nonzero homogeneous elements does not satisfy the left Ore condition, so we cannot speak of the localisation of $\mathbb{S}$ at $S$. However, in the classical case it is possible to define the localisation of a noncommutative ring $R$ at an arbitrary subset $S$ of $R$ (see e.g. MSE 177853), even if $S$ does not satisfy the left Ore condition or is not multiplicatively closed, although in this case $S^{-1}R$ usually behaves in a much worse way, with e.g. it being very hard to tell whether the canonical map $R\to S^{-1}R$ is injective or not.
Question II. Similarly to the classical case, do we have a notion of the localisation $S^{-1}R$ of an $\mathbb{E}_1$-ring $R$ at an arbitrary subset $S$ of homogeneous elements of $\pi_*(R)$ (even if such a notion turns out to not be so well-behaved, again like in the classical case)? If so, what do we get when $R=\mathbb{S}$ and $S$ is the set of nonzero homogeneous elements of $\pi_*(\mathbb{S})$?