Assistance Needed: Disable Delete option from the list item menu

You can  make a new permission level and set it to limited access or you can try the following:

1.-Add CEWP web part on your lsit page.

2.Create a text file called hidedelete.txt.

3.Copy the  code in the txt file, upload the text file to your Shared document.

4.Edit the CEWp, put the following in content link.

/Shared Documents/hidedelete.txt

<script type="text/javascript" src="http://code.jquery.com/jquery-latest.js"></script>
<script type="text/javascript">
$('.ms-MenuUIPopupBody').live('mouseover', function() {  
       
 $('#ID_DeleteItem').parent().hide();//if list use "#ID_DeleteItem" if library use "#ID_DeleteDocItem"
// Here you need judge the status, if the statue is appoved, then execude the following code.
 $('#ID_DeleteItem').remove();         
         });
</script>