This makes sense to me. I had a brief conversation with Rich in the Design Triage meeting today, and combining these could work if there is a way to hide certain settings from the component for blocks that don't require that particular setting.

I'd like to see us more forward with this, but am unsure on the technical details. cc @ItsJonQ

Here's a vote for keeping the Drop Cap controls separate, but giving them the same options so there's less disparity. Someone might want a drop cap with a teal background and white text, for example, without having to use CSS.