Smaller. I just need to see a hint in my peripheral vision to know I should use it, and only need it to be very obvious while I am using it.

If you parked it in the menu bar, I could drop it down like a hanger when I needed it.

I probably would not suggest pulsing the menu bar icon itself or at least making that optional. Having something constantly pulsing in the corner of my eye wouldn't be great for flow. Having an occasional reminder to drop down the hanger might be nice though.