Making the Program Monitor function like a regular windows window

Select zoom level is still available.

For that work, you use the 'zoom' control at the lower left corner of the Program monitor. You can go even past 1:1  if you want. That by the way is 100 percent, showing pixel by pixel.

Thank you - those are both nice features to know, however, I cannot zoom in to do detailed work with masks in either scenario.

Hover with your mouse over the Program Monitor and hit the ` (grave) key.

Don't. Use the Transmit Out function to send the Program monitor content to the second screen. And just really minimize  the Program Monitor in the main window so it doesn't normally take up much space. 

You will need to enlarge it to do say mask work. Then you can shrink it back down.