basically a nice idea. however I don't like the prospect of losing even more space due to additional toolbars.
but a slight variation of the idea could be great:
if you press and hold down a certain shortcut key, icons of your favourite components assemble in a circular way around your cursor. while still holding down the shortcut key, you move your cursor over the desired component and release the button.
as a result the move tool is activated and the component is clinging to your cursor...