I stand corrected. The above feature request can be accomplished by changing your org.chameleon.Boot.plist.
"Hide Partition" Remove unwanted partition(s) from the boot menu.
=partition Specified, possibly multiple times, as hd(x,y), an
[;partition2 ...] UUID or label enclosed in quotes.
"Rename Partition" Rename partition(s) for the boot menu.
=partition <alias> Where partition is hd(x,y), UUID or label enclosed
[;partition2 <alias2> in quotes. The alias can optionally be quoted too.
Example (1 hard drive 3 partitions):
0,1=EFI 0,2=Windows7 0,3=Lion
Tested on Chameleon 2.1svn r1777
Although, it would be nice to have this as an automatic feature...