That's a reasonable request, but it would need some design love I think. If we would make the fieldset collapsible, it would look like:

Two collapse links looks very strange :/

Would it be too different or odd to put the collapse for the outer box in the lower left instead of the upper right?  What other options are there to make it not look so odd or at least be distinctive? Change the inner to show/hide instead of (un)collapse?  T13

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Edited to remove quoted text via email.

We could try making the "Watchlist options" heading into a toggle, maybe.