There is a set of templates for /boot/grub/grub.conf in /etc/templates/boot/grub/grub.conf.
The templates appear to be editing any existing /boot/grub/grub.conf -- so possibly edits made to grub.conf would be persistent.
I don't know what would happen when a new kernel is released - whether your customizations would be included for the new kernel, or left out.
As I read the HP advisory, if you turn on IOMMU the system won't even boot without the new paramaters - which makes this feel like a tricky proposition.