I often extend the lower pane when editing MIDI.
If i later select an audio clip, Live imho shouldn't extend the pane though.
It should only be extended when again selecting a MIDI clip.
Put your effects into racks and define the macro controls yourself. I agree that the automatic mapping of Live's effects is a bit weird.
And if you need more knobs or faders for your eq-ing needs, buy a nanokontrol for 60$.