Quote from PhanxThe latest version now includes an option for hiding Raid Finder lines. :)
Well that's the end of my quest and this thread can be marked as "SOLVED".
Thanks for that. I've just updated to the latest version and look forward to not seeing that "Raid Finder" text any more.
Also, if you check my wowinterface thread (which asked the same thing - link above), another user posted a 7-line solution that might be of interest - for comparison.