the entries should be failsafe, old kernel new kernel and another, can't remember which one
boot using the new kernel form the list, verify you don't have more kernel panics or at least less kernel panics
if that is the case, you can uninstall the old kernel or any kernel you installed that you don't need
then you can edit the boot menu in pclinux control center/boot/setup boot system/next button/
there you will see the same options you mention, you can edit them the way you need it