I think that the real problem is that the window sits over the code window and obscures your view.
In Visual Studio, there is a pane at the foot of the screen that can be minimised at will. This messages-pane stores command line output, and works very well.
I vote that instead of cluttering the toolbar with unnecessary extra buttons, the progress bar and compilation messages are moved to a pane at the foot of the IDE that can be hidden/revealed.
Please understand that I am not suggesting that compilation messages should ever appear in the log pane. I only mention it, because I can understand how the idea might sound appealing, but the log pane's current functionality is currently excellently executed and I would openly bawl my eyes out should it change.