I thought the collision number in the editor was the number of collisions, so 2 would mean the particle dies on the 2nd collision.
If you want the particle to die on a specific object then you add the PP attribute collisionGeometryIndex. Each collision object has its own cGI so you can kill the particle when that collison occurs whether its the first bounce or the 100 using code, not the editor.
[EDIT] I just tried it out myself and there are a couple of issues here. Firstly this work with Mayas traditional particles and collisions. However, using nParticles and nRigids, there is no access to this PP index so it doesnt work. Also if I create a nParticle then try to the make collide from the older menu this doesnt work also for obvious reasons. Now Im stuck.
This has brought up some questions for me, how many other PPs are ignored by nParticle, traceDepthPP?