JavaScript is probably your best option. Just modify and refer to this code in your Master Page:
hideListViewToolbarItems("list settings","document library settings","create column","open with windows explorer");
function hideListViewToolbarItems()
{
var menuItem;
var menuItemName;
var menuItemIndex=-1;
var menuItemNames=new Array("edit in datasheet","open with windows explorer",
"connect to outlook",'export to spreadsheet','view rss feed','alert me'
,"create column","settings:create view","list settings",
"document library settings","explorer view","all documents",
"all items","modify this view","view:create view","new document",
"new item","new folder","upload document","upload multiple documents");
var menuItems = new Array("EditInGridButton","OpenInExplorer","OfflineButton",
"ExportToSpreadsheet","ViewRSS","SubscribeButton","AddColumn",
"AddView","ListSettings","ListSettings","View1","DefaultView",
"DefaultView","ModifyView","CreateView","New0","New0",
"NewFolder","Upload","MultipleUpload");
var allMenuItems = document.getElementsByTagName('ie:menuitem');
for(var i = 0; i < hideListViewToolbarItems.arguments.length; i++ )
{
menuItemName= hideListViewToolbarItems.arguments[i].toLowerCase();
for (j=0; j < menuItemNames.length; j++)
{
if(menuItemNames[j]==menuItemName)
{
menuItemIndex = j;
break;
}
}
menuItem=menuItems[menuItemIndex];
for (var l = 0; l < allMenuItems.length; l++)
{
if(menuItemName.indexOf(":")!=-1)
{
menuItemName = menuItemName.split(":")[1];
}
if (allMenuItems[l].id.indexOf(menuItem)!=-1
&& allMenuItems[l].text.toLowerCase() == menuItemName )
{
// For FireFox Compatibility
var parentNodeOfMenuItem = allMenuItems[l].parentNode;
parentNodeOfMenuItem.removeChild(allMenuItems[l]);
}
}
}
}