Steps to reproduce:
Place action buttons in the overflow menu.
You get this:
Icons and names are retained and you can right click the name to edit the action button.
Regarding the editing, maybe Action buttons could also use a menu item like Extensions where you can see all of them and choose 'edit'.
Orion, OS version; hardware type:
Version 0.99.123.3.6-rc (WebKit 618.104.22.168)