How to customize a toolbar in Xcode 4?
As Elibud says toolbar customisation is no longer available, I use a 13" Macbook and, minimise them. I am running Xcode V3, it's a bit easier to see all the windows as you can move all the menus around and open Interface Builder separately.
To turn off text underneath the buttons just cmd+click on the top right button (on the level with the traffic lights). This is a global thing.
The rest you're stuck with I'm afraid.
According to: http://pilky.me/view/16 toolbar customization is gone, and unlikely to return :(