Yeah this is true, though if you have recently installed programs, its possible for the registry to go back, so the program isn't on the Start menu anymore, though this is only a glitch and you can easily make it again.
To my knowledge, there is such a thing as a selective restore, though not in the way I think you are thinking.
When you select a month and date, it does have a menu where you can go back to when that program or another program was installed so you don't have to install everything from that day back again, though if the program doesn't automatically create a system restore point, then you wouldn't have one.
This is where it comes in handy to create one every time you install a new program so if anything goes wrong, you can just revert back.
Other than that, thats all your going to get I'm afraid, though I hope i've helped.