After many days of hit and trial, looking for appropriate tutorials and banging my head against the wall to no avail, I finally stumbled across an imgur application code base generously hosted on github for the public.
The code was hosted at gihthub by a user called ZBUC.
The code that helped me out is at the following repository location on github : https://github.com/zbuc/imgurBar
This is exactly what was needed, after studying how he/they did things in there and combining what I learned/found with the links mentioned in the question, I was able to create a Custom status menu item for my application, was able to get a proper menu to drop down as is the case with a default status menu item and was also able to add drag and drop functionality to my applications status menu item.
So now I have a Custom Status Menu for my application which works like a normal status menu and also supports drag and drop functionality.
I hope that the links in the question, along with the repository link posted above, are of help to everyone who needs what I did.
Thank You
Shumais