BuddyPress.org

@hnla actually suggested an easier option i almost overlooked. You could set up 2 menus in WP Admin and display them in your theme according to the logged-in status of the user:

<?php
if ( is_user_logged_in() ) {
     wp_nav_menu( array( 'theme_location' => 'user-loggedin-menu' ) );
} else {
     wp_nav_menu( array( 'theme_location' => 'user-loggedout-menu' ) );
}
?>