What want to throw my 2cents in there.
I have a habit where when I right-click on my new Recycle Bin in the Taskbar to select "Delete" on reflex instead of "Empty Recycle Bin". So I changed the security permissions on the shortcut file to Deny->Write. I get a few extra dialogs but it helps to keep me from having to go to the real Recycle Bin, open it up and then restore the shortcut.
If there was a way to remove the context menu items from that shortcut (in other words have it on a file by file bases) so that only things like what you would normally find with the Recycle Bin, then it would be even closer to perfect.