Note: This was done for OS X 10.1.5 - later versions may be different. Also done for English version - if you are using another language, substitute where appropriate.
First, quit the Finder using your favorite method (Terminal, ProcessViewer, TinkerTool, etc.). Then in SNAX (make sure it's running before you quit the Finder!), navigate to /System -> Library -> CoreServices -> Finder.app -> Contents -> Resources -> English.lproj. Make a backup copy of the file Localized.rsrc before editing. Edit the file with a resource editor like Resorcerer or similar. Locate MENU resource #140 ("Go"), and delete menu item 3 ("iTools"). Save changes, exit, relaunch Finder. iTools no more!

