My toolbar is located on the right because I'm righthanded and placing it on the right means shorter distances when using the mouse. This means less stress on shoulders and arms.
I have an idea to choose a tool even faster, while creating more workspace and less use of the mouse.
What about a specific key (combination) useable for your non mouse hand (eg.ctrl+shift), to make the toolbar appear directly under the cursor. When you use the same key (combination) again or after you have chosen a tool, the toolbar closes.
This way you will create more space in your workfield and you will minimize the need of using the mouse to get to the toolbar.