Alternatively you could place the switchbar to the left or right side of mIRC, as apposed to having it at the top or bottom and using multiple lines.
Also, incase you are not aware of this feature.
Alt+LeftClick
You can use this on a Status Window switchbar button to show/hide all buttons associated with the status window.
New windows will always have their buttons displayed even if the hide option is on.
You can also use Alt+F1 to show/hide buttons.