MSameer, okay, i get your point about zsl and other modes, but i still think, there is more convenient way I'll try to think it out this or next week.
Considering the resolution icon, you can use pixelated font (as I did in my photoshopped screenshot), it doesn't take much place. I believe, that while the resolution icon is still just an 'informative object', not a button, it should be placed among other 'informative objects', and toolbar is originally for buttons.
May be, for those who wanted you to make 'the whole area smaller' you should add a special button in settings (say, call it like 'more/less info') which would remove some icons at the upper-left corner on the viewfinder page.