By elements resizing, I don't mean the L1+R3 mouse mode maneuver of changing just the text field size. I mean the same style as going into HUD Layout and clicking R3 on an element to change the entire size of it.

Is there any way to do this? If not, is there any way to make the font size even smaller than 12? I still find the chatbox rather large and intrusive on the PS3, any help would be appreciated.

....Hell, maybe some option I missed to hide the chatbox entirely?