Depends on various things - with grub it _shouldn't_ prevent you from booting but I wouldn't bet on it.
As far as that is concerned it shouldn't with lilo either but thats no your concern right now.
After all you got already a dangling symlink there as is.
Are the initrd and the vmlinuz with the respective versions in /boot ?
If so try to make a symlink to boot like:
ln -s initrd-version /initrd
and the same stuff for the vmlinuz.
Then you need to make sure you got an entry in grub for the whole thing.
Thats the tricky part since I don't use grub and can't be of any help there
BTW - did you try uname -a to see if you are not by any chance are running the new kernel and the warnings are bogus?