1. Using SharePoint Designer edit your custom copy of the v4.master master page
2. Using SharePoint Designer's Code view, locate the section with an
3. Once you located this section, locate the PermissionsString and change the default value of "ViewFormPages" to "ManageWeb."
5. Open the site in the browser and test it with a few users who have been granted different access level. With this new setting, the View All Site Content option will display only for those users who have access to higher features within the site.
Click here for more settings for the Permissions String.