I've noticed some interesting things about Instruments:
- If you make the window narrow such that the overflow menu is triggered, the items in that menu are all blank.
- You can't change the icon size or turn labels on/off.
- Colors does not have a label when you add it to the toolbar.
- The labels on Space, Flexible Space, and Colors do not line up with the other items' labels.
These are interesting because they seem to fit an idea I had for implementing this: turn labels off, and give all your items custom views, where normal-looking items actually have manually drawn labels. It would obviously be a lot of work, but it gives you enough freedom to effectively do full-height items.
The nice thing is that, unlike the view/window hack that Xcode seems to use, you still have a customizable toolbar with draggable items.