Maybe you can make an effects table which runs behind the note table, and then pressing a button or button-combo would flip it over to show just effects or just notes?
Not as intuitive as standard tracker layout but would save all the screen space and screen refresh issues.
Not easy to explain, even though I just tried to in a PM to akira.
It's not just the screen real-estate that is the issue. Currently the whole 8kb of the battery RAM is used, every single byte. So even if I could display another effect column, there's no space in the data file for that data.
Planned future features will include some kind of compression of the data which may/may not happen and may/may not enable stuff like extra command columns but not right now.