lilo is very similar. Edit the lilo.conf file (in the /etc directory), and remove the section referencing the kernel that you don't want. It may look something like this
image = /boot/kernel-2.6.5
label = SuSE-2.6.5
initrd = /boot/initrd-2.6.5
root = /dev/hda5
vga = 0x317
append = "hdc=ide-scsi hde=none hdg=none"
Just delete it. As for the timeout parameter, the value is measured in tenths of a second (eg, 10 seconds = 100). If you want to change it to 3 seconds, change this line "timeout = 100" to "timeout = 30" (no quotes).
Note that in order for your changes to take effect, you need to rerun the lilo program. As root, run
Then reboot to verify that your changes worked. Good luck with it -- J.W.