Checking Each tool has it's own menu bar tells LispWorks to attach menu bars to all LispWorks tool windows, such as the editor, the class browser, the inspector, and so on. If this is not checked then the podium is the only tool containing a menu bar.
Checking Reuse all tools ensures that Common LispWorks uses an existing tool rather than starting up a new copy. For example, if an editor is already open, choosing File > Open and selecting a new file causes the file to be opened in the existing editor.