I'd suggest that this be an option, maybe a button, from within the Alerts setup menu. So no new menu options.

The "Traces to Examine" and "Alert when" could be clearer. How about "Alert when ____ of the last ____ traces are (dropdown options: slower than, lost packets) ____ ms." Make the ____ ms disappear when "lost packets" is chosen.

To me, that would be a ton clearer. Took me a minute to decipher this screen when I first saw it.

How about "Action" instead of "Event Type"?

HTH,
Stephen