This area of the application is a bit messy and unorganized. There are different things that this does, but they buttons and labels are not grouped together very well by function. This proposal aims to help better organize this area and simplify it a bit.

existing UI
http://imgur.com/a/tCNYt

proposed UI
http://imgur.com/a/gu783

I think the new design is easier to read with what it is doing. Grouping together all filtering/view operations makes it a bit easier to understand. I also moved the "Tag" button to the left, so it is almost like a label now that describes the drop down to the right.

I also moved the currently selected brush name to the bottom and have it grouped with the settings. I think it helps keep the steps in order of this.

1. picking managing presets at the top
2. editing settings at the bottom

Any feedback about other ideas or issues with this?

Your proposal looks very good