Don't know as that is possible for User with Admin rights, might be able to with Standard user that can't make as many changes. Can't test it as don't have a Standard user on anything.
While you can't make that menu disappear, you can disable those System Settings pages so users can't do anything.
1. Run mmc as Administrator.
2. File -> Add/Remove Snap-ins -> Group Policy Object -> Add
3. Select Group Policy Object -> click Browse. Select Users tab -> Non-Administrators
4. Click OK. Click Finish. Click OK
5. Browse Local Computer\Non-Administrators Policy -> User Configuration -> Administrative Templates -> Control Panel
6. Edit Settings Page Visibility -> Enable
Enter:
Code:
hide:dateandtime;notifications
7. Close Group Policy Editor and mmc.
8. Non-Administrator users will only see the default Settings page when trying to access Adjust date and time, or Notification settings, from the systray or Settings.