I'd keep at least one help line (the warning). When something gets grayed out, it may not be obvious why, and the help lines will tell you. For example, enable expo lock and bracketing - these two don't work together, and you may wonder why.
Also I'd keep the big menu entry line at the bottom. Some things may not be obvious when there are few characters. With that line, you notice right away that you are operating on the same menu items, and it's just a different display style.