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"
"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