You can solve this the easy way with adapting the according template in your themes template/customer/account/navigation.phtml file by defining the allowed links like this.
<div class="block block-account">
<div class="block-title">
<span><?php echo $this->__('My Account'); ?></span>
</div>
<div class="block-content">
<ul>
<?php $_links = $this->getLinks(); ?>
<?php $_index = 1; ?>
<?php
// define the allowed links the customer can see
$allowedLinks = array(
'account',
'account_edit',
'address_book',
'orders'
);
?>
<?php $_count = count($_links); ?>
<?php foreach ($_links as $_link): ?>
<?php
// check if the link name is one of the allowed links
if(in_array($_link->getName(), $allowedLinks)):
?>
<?php $_last = ($_index++ >= $_count); ?>
<?php if ($this->isActive($_link)): ?>
<li class="current<?php echo ($_last ? ' last' : '') ?>"><strong><?php echo $_link->getLabel() ?></strong></li>
<?php else: ?>
<li<?php echo ($_last ? ' class="last"' : '') ?>><a href="<?php echo $_link->getUrl() ?>"><?php echo $_link->getLabel() ?></a></li>
<?php endif; ?>
<?php endif; ?>
<?php endforeach; ?>
<li<?php echo ($_last ? ' class="last"' : '') ?>><a href="<?php echo Mage::helper('customer')->getLogoutUrl(); ?>"><?php echo $this->__('Logout') ?></a></li>
</ul>
</div>
</div>