I don't think you can specifically reduce the text size. But you can hide the toolbar completely either by key command or by clicking on the button in the upper right hand area of the window. You can also selectively hide/display either the icons or the text portion of the shortcuts.
Thanks Eli - obviously I don;t want to hide the icons, since the text occupies the same space
I don't want to hide ALL the text because I need the cues.
I bet there are wee files somewhere where I can modify the text, perhaps scripts?
I rather expect the text snippets within the program code, perhaps called by ID's and delivered from a module that holds the localized texts. You could look at the contents of the Logic folder but I don't think you will find text snippets there. I may be wrong though.