This feature works hand-in-hand with Add To Send To:  if you can easily add new items to the Send To menu, why not remove them too?

The list shows all the optional items that appear on the Send To menu. To hide an item, just remove the checkmark beside it. To restore a hidden item to the menu, recheck its box.

Items are never deleted, just hidden. Unlike the other options on this dialog (which are only applied when you click OK) the change takes place as soon as you check or uncheck a box.