I believe Bro-fisting (...) is disabled for new users to avoid abuse (from people creating alternative accounts under the pseudonym 'drog'), unfortunately. The salute emoticon can be found in the drop-down menu obtained by clicking the yellow smiley-face in the toolbar at the top of the box in which you are writing a reply (although I'd brace yourself before opening it, lest the terrors of the Codex emoticon archive consume you).
Personally I'd say be consistent and make the portrait borders the same as the rest of the interface. Not sure about having the portrait disappear while the inventory is open - after all, there's a lot of space on the screen for the inventory and rag-doll (etc) already, and players might like to keep the inventory grid open while they play, in order to keep track of the items they are carrying. If the inventory grid 'closes' and is replaced by the portrait, then either the portrait is going to be huge (which might look a bit silly), or you are going to have a lot of empty space on the right hand side of the screen.
The original Madman had a very pleasant interface, so assuming you leave the interface 'space' on the right-hand-side as large as it is, then you could try something like:
where the box with the 'eye' symbol provides information on whichever inventory item you hover over, or possibly a description of the current environment, or a response for an item you have used (in the case of reading a note in the game)
However this still looks a bit cluttered - I think because there is simply so much on screen at the same time.
If you are able to reduce the size of the GUI, then switching between windows would look ok. Something along the lines of:
switching to
(depending on which buttons you select from the bottom right of the GUI) [obviously you would scale the GUI bar correctly, here I've squashed it too much, and can't be bothered to fix it]
These are just rough mockups (obviously, my rushed image editing is atrocious) and not totally thought through. For the latter two pictures it is impossible to fit the ragdoll, inventory grid and 'description box' (the one with the 'eye' symbol) in at the same time, which might be irritating... the best solution, I think, would be to have a hovering box pop-up next to the cursor when you hover the cursor over an item in the grid or ragdoll diagram for longer than 1 second, let's say (however, this would make the constant description box superfluous - you could replace it with the ragdoll or a minimap [if the game has a minimap(?)], perhaps).
Not sure what the stats are, looks like hit-points and mana, so that's why they're coloured as they are. Again, it's just a very rough mockup.
Also, I will certainly play once I have access to a suitable computer. When I have some time I should be able to remap my laptop keys as well.
Edit: looks like Aeschylus got there with the emoticon/brofist explanation before I did.
Edit2: on second thoughts (and looking at those pictures), the big GUI might work with the switching (between portrait and inventory) if the portrait is lined up in proportion (as in the latter 2 pictures) with all the other 'boxes' along the left hand edge of the right-hand-side bar. I think my concern is that the portrait and any other window of unequal width should not be present at the same time in the right-hand-side bar, since they'll end up looking out of kilter with one another.