Firstly, thanks @youknowriad for a great start on this! I really do like the pulsing dot. I am not so sure we need to add in a speech arrow to the block though as that adds in confusion, could we have more like the mockup in future iterations? Similarly, could it be to the side and wider? These are all cosmetic suggestions.

Here is a visual of what we have right now:

Excited to see how this shapes up more!

Does this need to be a separate module, or merely a small set of components files? Is it required to be this way because it manages its own state (and primarily to take advantage of existing persistence helpers)? I guess this is in line with the thinking that an individual module has 0 or 1 stores? Would we ever consider accommodating the need for component stores without needing to extract into separate modules?

Is it required to be this way because it manages its own state (and primarily to take advantage of existing persistence helpers)?

Yes, that's the idea. The persistence though is just a convenience though. I'd prefer if we had a server-side API for user preferences here.

Would we ever consider accommodating the need for component stores without needing to extract into separate modules?

The advantage of separating modules is the possibility to use it in other pages than the "editor" page. This could be useful in any WP page.

Does this need to be a separate module, or merely a small set of components files?

My understand of the components module is a set of stateless generic UI modules.

Closing this for now, I'll revisit on clean PR when the time comes