This is a suggestion as I find it useful to work this way. Position the timeline toolbar at the bottom. Just below the timeline. And add more buttons to it. Some very useful operations are hidden away and can be brought to the front by simply configuring the Timeline toolbar. I have added buttons for Resizing clips, adding and removing guides and markers. Icons are missing for these but good apt ones can be assigned from existing system icons.
If you find this useful, please make it the default so that users can right way get this layout.