I would like to be able to optimize column widths in Portfolios but, I would like to have the preference set for actual data rather than column headings as sometimes the column headings are substantially larger than the data.

This capability has been available in the portfolio for a long time. It was not implemented with an explicit user option in the portfolio preferences however, like it is in the quotepage preferences. When you right-click on any column in a portfolio and choose Optimize Column Widths you get the effect of Size to Show Full Column Title as you have discovered. If you want "Size to Show First Word of Title" then hold down the shift key while making the "Optimize..." menu selection. Note that you must first right-click (without the shift) to obtain the popup menu; then hold down the shift key while selecting "Optimize...". Finally, if you want your columns "Sized to fit the actual data" regardless of column title width, then hold down the Ctrl-Key while making the menu selection to "Optimize....". Note that Shift-right-click or Ctrl-right-click in a column heading are both shortcuts for "Add Column", that's why you must defer holding down the shift key or Ctrl key until after you see the popup menu.