There should be a way to resize or minis the tool chest to just symbols in a row or in a column so that the "giant" hovering panel does not obscure the page that i am reviewing.
I can definitely see the value in that. When working on detailed reviews, the floating Tool Chest can take up quite a bit of screen space and end up covering the area you're trying to inspect.
A compact mode with just the tool icons displayed in a single row or column would be a great usability improvement. It would keep frequently used tools within reach while maximizing the available document viewing area.
Hopefully the product team considers adding a more flexible docking or minimized toolbar option in a future release.