I have to say no to the left click hold for menu and the narrow menu icon because I like that it works the same way as in iTunes. If you want a similar app that takes less space in the menu bar, check out Funes.

The scroll wheel is a great idea though. I frequently make my sliders accept scroll wheel input and I can't believe I forgot this time! Version 2.1 has this feature now.

I have no interest in looking into menu extras right now, but maybe I'll see how difficult that is when I work on version 3.