When did Ubuntu start using LILO ?.
A quick search of "editting in busybox" should have resulted in reults like this
Should you manage to navigate this successsfully, you also have to run the lilo command to harden the changes.
Better would be to use the install disk as a liveCD and use the fullscreen editor, much like which you would be used to. Probably gedit under Ubuntu, but been too long since I used it.