This script hides the content of deleted answers (which are visible to 10k+ Stack Overflow users), injects a show content / hide content toggle in the answer's menu, and injects a visibility toggle for all hidden questions into the page.
The script is hosted on userscripts.org and may be installed from there.
This script is now available as a Google Chrome extension.
1.0 - Added link for Google Chrome extension
1.0 - Modify the page only if deleted answer(s) exist
0.9 - Fixed bug in show/hide content logic.
0.8 - Added ability to save preferences using
0.7 - Initial post on Stack Apps.