I don't think that is the case, because the element specifies the boot script (actually executable), not boot args. After the conversions, the path should be cdrom:1,\suseboot\yaboot.ibm, where 1 is the partition number.
Right. But you were getting an error message of "Unable to open path ,\suseboot\yaboot", which suggests to me that either the parser that was peeling off arguments failed to discard the comma, or it was expected somewhere else.
The exact parsing of the elements of the path after the ":" is device-specific, and entirely up to that device driver. In general disk devices will have a partition number/name for the first argument, but that's about the only commonality.