I thing trying to match the available screen space is rather pointless. You can never be sure what the size of these elements, plus possible user-defined margin and whatnot will be. And worse, some users like reading in landscape orientation. I say use a "good enough" size and let the readers resize if needed.
My reader can be set with or without status bar, with or without headers... but it has some minimal margin that cannot be overriden.
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