@ Tinybit: Do you have any idea, why the initrds have to be loaded in a certain order, to get loaded correctly?
The original syslinux way seems to also load initrds in a certain order. I suspect the Linux kernel requires the proper order, or the contents of the initrds make differences, I mean, if both initrds contain a file/dir with the same filename/dirname, then last one loaded will take effect.
initrd FILE1 FILE2 ... FILEn
grub4dos will load FILEn first, and FILE1 last(in reverse order), because in this way the coding is simple and easy.