Well, by definition, the Start menu contains items you can "start". Like applications. That's what shortcuts are. Pointers to applications. Even your "folder" isn't a shortcut, it's an attribute of an application, probably Windows Explorer.
Regardless, to achieve your goal of having a shortcut on the start menu that takes you to a given folder using explorer, you have a way to do it, you've always had a way to do it.
To right click on a given folder and have yet another context sensitive menu option of compiling the steps I just described is certainly doable, just not by me.
Keep searching. Perhaps someone has written a little script to do what you're talking about.
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