Django's admin doesn't make it easy to work with generic relationships. This project makes it so that generic relationship in the admin work very similarly to how a ForeignKey field does.
Some images may help to understand more clearly how this looks.
I also have a version of this code that doesn't require jQuery and simply piggy backs off the javascript that comes with a standard Django installation, but the code is a bit dusty. I've added it into branches and will be updating it when I've got time.