Not really.
If you saw my video u definitely saw that I placed application menu to the applets area in statusbar. I just copied it from the tasknavigator's plugins directory to statusbar's plugins directory. You can find this directories in /home/user/.osso/hildon-desktop/desktop.conf for statusbar and tasknavigator.
You will probably need to draw a new icon for small application menu button.

I think the powerlaunch will works fine in the statusbar, but I never tried.