One possible alternative would be to create some sort of dummy record in the system and then merge unwanted people records into that record. That will retain any giving, but will effectively remove the bad data from your system. I know that others have done this in the past and the only warning is to be careful as you would in any merge. You don't want to accidentally merge the senior pastor intead of someone who is inactive and has a name really similar to your senior pastor's. :)
Hope that gives you some ideas.
For Him,
-Peter Schott