It is in there, because it is not actively hidden from the template. The reason for that, is that allow_email_notify is not a global configuration option, yet a forum specific configuration option. Therefore, the control center should not hide the mail option when allow_email_notify is found to be disabled. It got me confused for a second too and I even implemented a patch (which I reverted right afterwards). Maybe you can fetch an idea from it.
changeset 3700
As you can see, I enclosed the option to hide in an {IF} statement and set the controlling variable SHOW_EMAIL_NOTIFY from the control.php script. You can do the same from your code and change the template likewise to reach your goal.
Maurice Makaay
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