I use the effects panel and double-clicking as you do. I agree that remembering a lot more keyboard shortcuts would be a pain but it wouldn’t be a lot that would need to be assigned to shortcuts. It’s something that I figure would be infinitely faster to have a UI button to single click (and free up precious screen realestate too). Rearranging all the ones I use regularly to be in a single folder would probably save a lot of time though for a start, so I’ll try that.
I’m still eager to find any ways I can minimize the UI and work without leaving from the timeline and composition windows however.