You can't password protect VIs in 4.1.
What you can do is to save a COPY, I repeat COPY of your VIs with their diagram removed. Open your top level VI and then File > Save with options > Application distribution. This will copy the whole hierarchy of the VI to another location with diagram removed. That is not like password protected (since password protected VIs in later version of LabVIEW still keep their diagrams and can be recompiled to new version of LabVIEW) but the diagram is not accessible. The VIs can't be recompiled.
If you want an executable, you need the Application builder for 4.1.