After further research heres what I found.

The run time editor can remove the LINK for S99local to rc.local.
I evidently did this.
Once this is done, the available list does not show a local which
can be reinserted.  I recomend that the local be put in the available
so that the link can put back in.

I was able to replicate this problem by using chkconfig to --del
local. Once this done there isnt a way to get it back with chkconfig
unless you manually create the link to rc.local. Proper behavior would
be to move it to K99local or something similar.

fixed in chkconfig-1.0.2-1
(you can no longer remove services that don't support chkconfig)