Hi Gil,
In Xcode 4.0+ (maybe Xcode 3.X too, I'm not sure), Interface Builder provides a checkbox for menu items called "alternate". If checked, that menu item will only be visible when the option key is pressed, replacing the menu item with the same key equivalent (minus the option modifier, of course). You can also do it programmatically using NSMenuItem's -[setAlternate:] method.
Here's some relevant documentation:
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