If I get you correctly, you want the link on the upper left quadrant of your start menu to have the correct path?
1. Delete the current generic email link from the Start menu.
2. Create a proper link in your All Programs>etc area. Make whatever modifications necessary to the "start in".
3. Right click on that link (in the All Programs area) and select "Pin to Start Menu"
Hope that helps,
-ed
(win xp pro sp2)