Sure. You can create as many grub menu entries as you need, with different boot parameters and descriptive titles.
Some months ago someone posted his grub.conf and I noticed it contained a menu entry to "reboot."
You could even create a separate .conf file and have a menu entry for it selectable with the configfile menu command.
I don't know about Radeon drivers, but if your kernel doesn't boot with different options you might have to adjust the initramfs, for example as in Leigh's nvidia driver instructions:
sed -i '/root=/s|$| rdblacklist=nouveau nouveau.modeset=0|' /boot/grub/grub.conf
mv /boot/initramfs-$(uname -r).img /boot/initramfs-$(uname -r)-nouveau.img
dracut /boot/initramfs-$(uname -r).img $(uname -r)