There have been two female emcees who have been the loudest in criticizing Nicki: Lil' Kim and Keys. In this sense, Nicki has two bones to pick.
She’s saying here that she’s only going to pursue one of the conflicts at the moment: the one with Kim. Although Nicki’s thrown a couple subliminals around which could apply to Keys (bummy swag?), on tracks like “Roman’s Revenge” and “Did it on ‘Em”, Nicki refers to her nemesis as a has-been more so than a never-was.
Nicki’s saying here that she’s not going to help Keys blow up by beefing with her on her first album. Maybe if in two years, once she’s done setting the world on fire with Pink Friday, and if Keys still has some shine, Nicki will let herself get into a beef with her.
Once Roman Reloaded came about, Keys hadn’t actually gone up (if anything, she’d gone downwards), and no more came of it.
Also, when Nicki says “you might get addressed on the second album” she says album AL-BUM referring to “the bum” which is Keys.
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