And why would you want to remove it? It's there for a reason... so that you can still boot to that kernel once it is no longer the default... like when you install a newer kernel, and for some reason it doesn't work... like what Taco.22 is experiencing, right now. There couldn't be a more obvious example of why that's a very bad idea.
Because the first block texts already boots to this kernel, and therefore it's no longer useful. I am not worried about boot failiures, I have other means to boot in case of problems (and I generally keep 2 kernels in my system long enough to be sure about what I am doing if I remove the older one).
In case of problem : I can boot to the distribution which is installed next to it, or boot to a live usb, or a live CD and in the 3 cases chroot the partition that bothers, configure internet on it, install a package, update, edit files...
Well, I must also say I never met with such problems since I use PCLinuxOS. It's such a strong OS !

The mount point /there is because I plan ahead, in case there is more than one partition that needs to be mounted. Taco.22 didn't say he had only one partition until after my post.
Ok.
Now about Taco's vmlinuz : he does have an initrd, it shows in the output of the command line you asked him:
[root@localhost guest]# ls -l /here/boot |grep vm
lrwxrwxrwx 1 root root 27 Oct 25 2010 vmlinuz -> vmlinuz-2.6.33.7-pclos6.bfs
-rw-r--r-- 1 root root 2330784 Jun 4 11:14 vmlinuz-2.6.38.8-pclos1.bfs
Therefore Taco can remove the symlink "vmlinuz" and make a new one that points to the right initrd.
Taco : about the menu.lst, you can leave the number for the root=UUID=number as they are the same in the menu.lst and in the output of blkid,
but for some reason, the swap (=resume) is not good. In menu.lst either change for the one you have in the blkid (swap) or just remove it. Anyhow for a remaster you don't need the resume: It will be removed and recreated, I think. And I suppose you don't suspend/hibernate while working on a remaster, do you ?O-P : to recreate his symlink, can Taco do it directly or is it better to chroot first ? This is the only point I'm not sure of... in doubt and for myself, I would chroot, but maybe it's not necessary ?
Taco : next time you install a new kernel, I suggest you REBOOT to the new one before removing the older one. (Or it's as if you saw a branch you are sitting on

)
Regards,
Mélodie
/EDIT: UUID numbers are both good. I had not looked well enough. Only the symlink to initrd (vmlinuz with kernel number) must be changed.