iconCompo can compose one icon out of two images mainly for making custom folder icons. Drag and drop one or two images onto the main window of the program and then adjust the images in various ways - position, size, directions, transparencies and colors, text. Composite images can be attached to existing files/folders, used to Create new folders, or saved in several image format such as icns, png and tiff.
With a Finder contextual menu item iCCMPlugin, you can attach custom icons with your saved settings or add thumbnails.
WHAT'S NEW
Version 3.7.2:
Fixed the bug that made foreground images too small on large icons.
Adding/removing custom icons does not influence label colors.
Images can be saved in the "rsrc" file format (resource fork).
Finder update method is modified.
French localization updated by Thomas Robbison (Thanks!)
Other internal adjustments (deprecated methods were replaced).
[Note] Adding variant icons shows no effect under OSX v.10.5.1, which is a bug confirmed by Apple. Unfortunately having no workaround found yet, we need to wait for fix in a later version.