Funny that something as simple as hiding a toolbar requires diving through 5 steps. Doesn't it just offer that option upon right-click? It sounds natural and expected to me for a toolbar to do so.
Personally, I find that making every part of the UI an active control makes it easy to do things by mistake, especially hiding elements, which often doesn't have an obvious way to reverse the process. For one-time UI setup, I don't mind going through a dialogue box.