I always felt "Clear Storage" is a dangerous shortcut in the control panel since it requires very little effort for a prankster to help you "clean" your device. So, I started looking for a method to hide the shortcut and eventually found it after trial and error.
P.S: This method only works on HTC devices. Only tested on HTC TyTN II.
Steps:
1) Go to HKLM\Software\HTC\HTCCPL
2) Look for the subkey which contains "ClearStorage", e.g. it's "Applet4" on HTC TyTN II.
3) Backup (export) this subkey first. If you feel insecure, perform a full system backup first.
4) Delete the subkey.
5) Soft reset
Alternate Method:
1) Go to HKLM\ControlPanel\Clear Storage
2) Set "Group" to "3".
3) Soft reset
