You can actually use a thumbnail version of a BMP file for its own icon displayed in Explorer. Go to
HKCU\Paint.Picture\Default. Double-click
default and change its value to
%1. Please note however that this will slow down the display rate in explorer if there are too many BMP thumbnails to display. To restore it, change
default back to
C:\Progra~1\Access~1\MSPAINT.EXE,1. You may use other icons if you feel like it.