What all is involved in deleting the power valve on an LT that will be used for hill shooting? Is this something that can be done with common hand tools?

I'm just trying to help out another zilla rider.

You will need it coming DOWN the hill. Lower RPM. 

Diableo,
I think JH, bends the arm/tab coming off the PV, the one you see in the window, so that the PV is stuck with the closed.

I believe you have to disconnect the arm and most likely remove it also but I'd check with him.

Exactly what I was told, but was to chicken sh*t to try it yet

I will give Jerry a jingle & see what he says.

Bret, I'm working on the other 500 that showed up at glamis with me last march, the one that blew the head gasket. He wants to turn it in to a hill monster. He has a ported & reinforced 87 jug for it now and will be using the CT outlaw pipe. Hopefully it will be ready for dune season for him.

Blocking off the PV will give you a grand total of zero extra HP.
It closes right about the time the pipe kicks in, so it's basically blocked off any time your RPM is up there, and permanently blocking it off is redundant.
What it will do, however, is cause a loss of power in low-mid range.
That being said, why would you get rid of essentially free power, regardless of how you ride?
Rogue1970's dyno runs gave proof that the engine produces power better with a properly tuned PV.
With that in mind, do you think any type of racer would willingly give up power without getting anything beneficial from it?
Even in a pure drag or hillshooting scenario, the PV is going to get you on the pipe just a tiny bit faster, and in the world of racing those tiny little bits are what add up to winning races.

If the guy is having trouble with the PV or it isn't working right, it's better to fix the PV rather than block it off.
That being said, remove the spring on the PV, stuff something solid in place of the spring, make sure it's CLOSED, then tighten the cover down on it.
That'll hold the barrel in place, and the arm can be left attached.
The actuator is only forced back by spring pressure, so it's fine if it stays connected and won't harm anything internally.

A functioning power valve is way better than not having one. 

Power valves are designed to optimize low end performance up to about the 4,000 rpm range. Since most hillshooter & drag bikes are launched at a high rpm anyways, the power valve would be ineffective right from the start. Especially when you shift at 7,500 + rpm. Your rpm drop might be down into the 5,000 rpm range if you are short shifting.

Mr Hall would be better to provide the specifics.

Aaaahahahahahahhahaa!!!