There are actually two quicker ways to access those hidden tools, both will improve your productivity immensely if you train yourself to use them.
The first way is to use the keyboard shortcuts. For instance, if you want to access the Type on Path tool, you can hit Shift + T to automatically highlight the Text tool and select the Type on Path tool hidden underneath it in the menu. That’s an easy one. But if you want to access the Delete Anchor Point tool, you’ll have to remember to hit the – (minus) key.
If you’re not the keyboard shortcut type of person, you can simply hold the Option key down and click the Pen tool repeatedly until the tool you desire is selected. The advantage to this method is that it works with hidden tools that don’t have keyboard shortcuts, such as the Polygon Shape tool.