Is it possible to have the Android Graphical Layout next to the Android XML layout so I can modify both simultaneously? It would be much better to change the XML and instantly see the effects, as opposed to clicking the tab to change it all the time.
Yes, although I just tried it and it has a bit of lag after you change something in the Graphical Layout editor.
Note that it seems like the Graphical Layout will consistently update the XML. However, changes in the XML don't seem to affect the Graphical Layout until you save and then click in the Graphical Editor again.