Dude... nice catch. Ok, so you are totally right. Bootpicker OS version check is getting confused with the Yosemite OS version. I'm assuming it is seeing it as version 10.1 instead of version 10.10... doh!
Here's what I did to confirm this (DO NOT TRY THE FOLLOWING ON A PRODUCTION MACHINE!!!!)
I basically tricked the Yosemite machine to report that it is a 10.9.x machine. To do this, I changed the values in this plist: /System/Library/CoreServices/SystemVersion.plist. There are two very obvious entries to change. Once I changed those values, logged out, Bootpicker was up and running. The problem, NOTHING else runs. Since almost every app does version checking, all Yosemite apps see the machine as a 10.9.2 machine and no longer allow them to be launched. Again, DON'T TRY THIS ON A PRODUCTION MACHINE!!!
Ok, what this tells all of us? It's bootpicker's version checking. Now, can we modify the bootpicker app to not version check w/out the source code? That's the million dollar question. Back later with any updates. I happen to know the person who made this app. It's our good 'ol friend Mike Bombich. I'll see if I can reach out to him for some guidance.