Hmm.. Interesting use case. At least on the Mac App.. formula, text field seem to take up about the same amount of space (about 15 characters). I thought about free form text.. but it appears to take up MORE space..
This is high on our feature request list and a solution will be available with an upcoming update.
Only the button can shrink more than 4 dimentions. But on the other hand, the color is always gradient.
A while ago I already requested this in the CR-list. If you like this idea, there is an Up Vote button. Search # 1498.