With regards to Help a school district restrict NT/XP Shut Down options
There’s a bug in XP which prevents automatic Stand-by from initiating if a screensaver is on. Although this will not remove it from the shut-down menu, it’s a start.
You could also try disabling acpm in the computer’s BIOS, which may prevent it from working.
As for NT, I don’t believe that any processes can be triggered from the power button, but it may be possible to disable the power button in the computer’s BIOS. Unfortunately NT does not send the power-off signal after it’s shutdown. Maybe a third-party tool out there does?
Good Luck
Ian