Answering my own question.
I wanted all the formats in the dropdown to be visible without scrolling — and I also wanted to remove formats that would never be used (Address, Preformatted, Heading 6), and formats that would break document structure in my blog (Heading 1 and Heading 2).
My solution is a CSS hack, not based on any understanding of how tinymce works.
- I have the TinyMCE Advanced plugin installed.
- I opened ‘wp-includes/js/tinymce/themes/advanced/skins/wp_theme/ui.css’ in a text editor.
- On line 260 (below the Formats section), I inserted this line
tr#mce_2, tr#mce_3, tr#mce_4, tr#mce_5, tr#mce_9 {display: none;}
It’s not elegant, but it will do for now.
Here is a image of the result: i51.tinypic.com/acre5j.png