Open the "Tools / Customize" dialog. While that is open, you can drag the tools you don't need from their current location and drop them within the dialog or anywhere.
You should create a custom Workspace of your new layout. Overwrite the current name in the "Save In" list with a new name, then click on the "Save In" button. You'll now have a custom configuration saved. If you load other configurations, you can always return to your custom layout by selecting it in the "Load From" list and then clicking on the "Load From" button.
That should be it.
See the "Customizing the UI" links in the User Interface
page of the Wiki.
See also New Popup Menu
and New Popup Toolbar
if you wish to create a new Menu or flyout toolbar.