Alright, after a little bit of investigating I found out a few things:
1) You have to have a .dll for a replacement icon
2) You can hand-edit a .lnk file, but only using a text editor on a computer (not PPC)
I found a program that will allow you to change icons and even provides a .dll.
http://www.s-k-tools.com/index.html?.../m_sksmgr.html
unzip the CAB and the QVGA dll in main memory (the program won't find the dll if it's not in the root folder). Run the cab and choose your shortcut (it displays shortcuts from the Programs folder).
It has a 14 day trial, but has full functionality during those 14 days (except a pop-up when you run and close the app).
Enjoy!
Edit: If you want to edit manually, the format of the shortcut would be:
60#"\Program Files\PowerUI\PowerUI.exe"?\sksmgr_icons.dll,-1073
The first number is the number of characters after the pound sign.
The pound sign is the dividing point between character count and target.
The target is surrounded by quotation marks.
The question mark is the dividing point between the target and the dll location.
The dll location is not in quotation marks.
The comma is the dividing point between the dll location and the icon pointer.
The icon pointer is a number which represents an icon within the dll.
