The Planar is smaller, but not significantly, not worth having both. I really liked the Nokton, the size is an issue, but it is a little smaller without the hood.
If you want something small, the smallest 50mm lens F/2 or faster that comes to my mind is the ZM Sonnar 50, wonderful signature, but the front focusing issue means it may not suit everyone's taste. There is of course collapsible Summicron 50, but I've read it has very fragile coating and prone to haze, plus I found it tedious to collapse a lens before and after use. There's also a VC Heliar 50, also collapsible, also F/2, but modern. It's a limited edition lens, but I think there's one in the RFF classifieds.
If you don't mind something slower, the new Summarit 50 and Elmar 50 (collapsible) are quite compact. The Elmar has a wonderful signature, collapsible lenses can be tedious, but without the hood, it's small even when it's not collapsed. It'd make more sense to have both the Nokton and the Elmar than the Nokton and the Planar.
If you don't mind something a bit wider, the Nokton 40 is very compact and very fast, though the bokeh is a bit harsh.