I don't know of any software packages, although I'd sure like to see one - but here is something to try.
**DANGER DANGER**, UNPROVEN REGISTRY HACK
You can start by looking in the registry under => HKEY_LOCAL_MACHINE\Software\CLASSES\*\shellex\ContextMenuHandlers <= This lists the programs that have added themselves into the context menu. Before I did anything, I'd export a copy of the branch, so you can recover, then it appears that to delete an entry, you just delete from here(at least it worked for me). Editing the names is more complicated because you have to follow the reference off to the associated program (ie search the registry for something like {067DF822-EAB6-11cf-B56E-00A0244D5087}). It looks to me like from here, the entry picks up the name it displays from a dll file for the app, which you would have to edit. Not something I've ever had much luck with, as they are compiled pieces of software that don't take kindly to being edited.