Edit GRUB menu shown at boot?
 

If I want to change the names of the options on the GRUB menu to read say 'Fedora' and 'Vista', do I simply edit /boot/grub/menu/lst, or is that a bad way to do it?

Yes, that's how you do it.
Usually, in Ubuntu, just open a terminal, and enter for whatever text editor you want

example using gedit
"sudo gedit /boot/grub/menu.lst"

and nano
"sudo nano /boot/grub/menu.lst"

you can change text colors, add a splashimage, etc.
change which entry boots by default too
default 0 means 1 in grub.
so default 1 would boot the 2nd entry, etc

Though IIRC, fedora might use grub.conf or grub.cfg.

I'm not sure what those are, but the above method worked.