It would certainly help my toolshelf, which is rather cluttered with must have addons right now. To be able to collapse them to just icons (with a mouse over hint) would be much cleaner.
Its how they should do it in the first place. It cant be that hard to link a icon to the tools without having to rewrite the entire toolshelf. I have no what so ever experience in coding, Im just copying and pasting. If finding icons is a problem I could help there with making them in Photoshop. I could pay to get someone to do this, so we dont have to twist our necks to see what tool (or find a tool) we are working with.