I don't have tests for GH or KH, but I do know I live in a very soft water area (south Devon). I add small amounts of bicarb when the pH gets too low (it once dropped to 6.4 and the cycle completely stalled, but I now test every 12 hours and add bicarb if necessary, so doesn't normally drop past 7.2, though it would if I let it!).
This means that your KH is very low. When you add sodium bicarbonate to the water, you are doing two things: increasing the hardness of the water (it reacts with acids) and increasing your KH.
Because by the point when your pH drops, the cycle is already harmed, it would be "safer" to overdose on the sodium bicarbonate. From what I have read, it will buffer the water to around pH 8.3-8.5 if you even double dose (I have never had to use sodium bicarbonate as I have always lived in hard water areas).
You mentioned that your pH reading was off the scale, which test kit do you use? Liquid or strip? What are the ranges that it will show you? For example, the "medium range" kit I currently have ranges from a yellow 6.0 to a blue 7.6 and the "high range" from a muddy orange 7.4 to a rich purple 8.8 (so on my kit, a red reading would be 8.2, although the colour swatch shows a muddy red).
Because your water is so soft, I would advise you to invest in a GH and KH kit set (it was about 7 pounds for the two when I got an API one this summer) because fluctuations in the GH can kill fish and KH tells you whether the GH will fluctuate.
You will also need to be careful when you lower the water hardness to match your tap water after you finish the cycle because changes which are too quick will stall the bacteria, setting you back by a few days.
Do you plan to keep soft water fish? It is relatively harmful for hard water fish (especially for most livebearers) to be kept in soft water (read my explanation here: http

/aquariumadventure.wordpress.com/2011/10/07/importance-of-acclimatisation/ and let me know if there is anything confusing, so I can improve it), so if you want to keep neutral or hard water fish in the long term, I recommend that you investigate long term methods of buffering such as adding crushed coral to the filter and/or substrate and using reef bones as part of the décor, especially as these would help keep your pH steady for the cycle as well.