I doubt the edits would be appended to any new kernels in future updates
Tested this, and any edit appears to stick when upgarding to new kernels:
###ORIGINAL FROM SME7 CD
###Note, I had edited and added
panic=30 for testing purposes
[...SNIP]
#boot=/dev/hda
default=1
timeout=5
splashimage=(hd0,0)/grub/splash.xpm.gz
hiddenmenu
title SME Server (2.6.9-34.ELsmp)
root (hd0,0)
kernel /vmlinuz-2.6.9-34.ELsmp ro
panic=30 root=/dev/main/root
initrd /initrd-2.6.9-34.ELsmp.img
title SME Server-up (2.6.9-34.EL)
root (hd0,0)
kernel /vmlinuz-2.6.9-34.EL ro
panic=30 root=/dev/main/root
initrd /initrd-2.6.9-34.EL.img
###AFTER FULL UPDATE - INCLUDING UPDATE-TESTING
###Note that all entries for new kernels have acquired panic=30 automatically.
[...SNIP]
#boot=/dev/hda
default=1
timeout=5
splashimage=(hd0,0)/grub/splash.xpm.gz
hiddenmenu
title CentOS (2.6.9-42.0.2.EL)
root (hd0,0)
kernel /vmlinuz-2.6.9-42.0.2.EL ro
panic=30 root=/dev/main/root
initrd /initrd-2.6.9-42.0.2.EL.img
title CentOS (2.6.9-42.0.2.ELsmp)
root (hd0,0)
kernel /vmlinuz-2.6.9-42.0.2.ELsmp ro
panic=30 root=/dev/main/root
initrd /initrd-2.6.9-42.0.2.ELsmp.img
title CentOS (2.6.9-34.0.2.EL)
root (hd0,0)
kernel /vmlinuz-2.6.9-34.0.2.EL ro
panic=30 root=/dev/main/root
initrd /initrd-2.6.9-34.0.2.EL.img
title CentOS (2.6.9-34.0.2.ELsmp)
root (hd0,0)
kernel /vmlinuz-2.6.9-34.0.2.ELsmp ro
panic=30 root=/dev/main/root
initrd /initrd-2.6.9-34.0.2.ELsmp.img
title SME Server (2.6.9-34.ELsmp)
root (hd0,0)
kernel /vmlinuz-2.6.9-34.ELsmp ro
panic=30 root=/dev/main/root
initrd /initrd-2.6.9-34.ELsmp.img
title SME Server-up (2.6.9-34.EL)
root (hd0,0)
kernel /vmlinuz-2.6.9-34.EL ro
panic=30 root=/dev/main/root
initrd /initrd-2.6.9-34.EL.img