Launchy and Relative Shortcut Icons

I'm trying to set up Launchy on my flash drive, with custom shortcut icons for my portable apps.

I've added Launchy to AutoPlay using this autorun.inf:

[Autorun]
Icon=\shortcuts\icons\Launchy.ico
Action=Launchy
ShellExecute=\Launchy\Launchy.exe

(On a side note, is there any reason not to use ShellExecute instead of Open? From what I've read, the only difference seems to be that Open is limited to .exe only, and ShellExecute can be used for any file or application, or even web addresses, so why would anyone ever use Open?)

I've used this relative directory to add my shortcuts to Launchy's catalog: (had to edit the Launchy.ini manually to do this)

..\\shortcuts

When I plug my flash drive in, everything works except for my shortcut icons. Launchy finds my shortcuts and runs them with no problem, but because I assigned custom icons to my shortcuts manually using the "Change Icon" dialog, they're not "relative" and so when the letter of my drive is reassigned, the custom icons are lost. Launchy shows the names of my shortcuts but displays no icons at all.

My question: Is there any way to assign custom icons to shortcuts relatively, so that they display on a flash drive no matter what drive letter has been assigned to it? Alternatively, is there another way you can think of to achieve the same end (having Launchy display custom icons for shortcuts)?