Is it possible to size indicators in such a way that they could be created as squares rather than entire columns or rows in the frame?
Drag it inline with other elements, or drag other elements into it's row/column.
Hover your mouse between two elements to adjust the sizing of elements.
Is there a way for the elements to be created at a custom size?
It seems that the elements are unnecessarily large with the sizing of elements determined by the largest element in the dashboard.
No, but you can include empty rich text elements to help create space if you'd like.