I'd like to create a menu (button) which contains items that I specify. For example, I have numerous buttons on a toolbar, all of which I'd like to shift over into 1 single user-defined menu, thus freeing up space on the toolbar. I can't seem to find out how to do this.
While editing the toolbar in Customize mode, right-click where you want the menu to appear, then choose Insert New > New Menu (or New > New Menu if past the end of the toolbar; slightly different names in different situations, but the same end results).
You can then drag things into the menu or creating new things directly in the menu in the same way as in the standard menus.
You can also make Button-Menus which combine a button and a menu together, similar to the Copy Files, Move, Rename, etc. buttons on the default Operations toolbar. More about them here.