Verified on kvm-83-164.el5_5.2, Passed 
1. With default bios, emulated devices appeared on the "Safely Remove Hardware"
list under WinXP, as in 
"
Safely remove Intel 82371SB PCI to ISA bridge
Safely remove Intel(R) PRO/1000MT Network Connection #2
Safely remove Cirrus Logic 5446 Compatible Graphics Adapter
"

2. By using "-bios bios-nohotplug.bin" option, no list of emulated devices are
provided by the "Safely Remove Hardware" under WinXP.

CLI:
1. using default bios
# usr/libexec/qemu-kvm -m 2G -smp 2 -drive file=winXP-32.raw,if=ide,cache=off
-net nic,model=e1000,vlan=1,macaddr=02:00:40:3F:20:10 -net
tap,vlan=1,script=/etc/qemu-ifup -boot c -uuid
17544ecc-d3a1-4d3c-a386-12daf50015f1 -usbdevice tablet -no-hpet -rtc-td-hack
-no-kvm-pit-reinjection -monitor stdio -notify all -cpu qemu64,+sse2 -balloon
none -startdate now -vnc :1 -M rhel5.5.0

2. using nohotplugable bios
/usr/libexec/qemu-kvm -m 2G -smp 2 -drive file=winXP-32.raw,if=ide,cache=off
-net nic,model=e1000,vlan=1,macaddr=02:00:40:3F:20:10 -net
tap,vlan=1,script=/etc/qemu-ifup -boot c -uuid
17544ecc-d3a1-4d3c-a386-12daf50015f1 -usbdevice tablet -no-hpet -rtc-td-hack
-no-kvm-pit-reinjection -monitor stdio -notify all -cpu qemu64,+sse2 -balloon
none -startdate now -vnc :1 -M rhel5.5.0 -bios bios-nohotplug.bin

1. Further tested with various Windows OSes on kvm-83-164.el5_5.6. The previously "Safe remove ..." options for devices (NIC, PCI to ISA bridge, QXL) disappeared.
------------------------
guest OS      |  Result 
------------------------
winXP         |    P
win7-32       |    P
win7-64       |    P
win2003-32    |    P
win2003-64    |    P
win2008-32    |    P
win2008-64    |    P
win2008r2     |    P
-------------------------
P-pass; F-fail

As can been seen, all passed with "-bios bios-nohotplug.bin" (and could be reproduced with default bios.bin).

2. Regarding QXL, "-bios bios-nohotplug.bin" disables unhotplug "Red Hat QXL GPU" and "Red Hat Virtual Desktop Interface Port" as well, no option for "safely" removing them.