I think it is already possible with this applet. If you click on the Google icon you will notice that it is a pull-down menu (But it only contains 1 item). So they probably just didn't finish the setting menu for this applet, and decided to add it in any event.
So we just need to know where these options are saved (probably some config file)
I think they shouldn't have added these applets this way. The google search applet isn't much more usefull than a link to the google site. Also the "web link" applet isn't very usefull. Only for promotion is it usefull.
If you want a bookmark then you use the bookmark list, if you want to use a page as a home page you just alter that setting.

I would like a applet where I could select a contact from my phone and type in a SMS text message and send.
Or a plugin for Gaim or another (less resource intensive) MSN client, that displays who is online.