John,
You wouldn't have to actually use those subclasses anywhere. Having them in a classlib will just cause the project manager to bring the .ico files into any new project. I'd probably just use one subclass and toggle it's .Picture property, but you certainly could use two and toggle both .Visible properties.
>Thanks again for the help. I created a subclass of an image for each one. Would a good method be to just toggle the .visible property of the one you want to see and stack them on top of each other?