Hi, yes you can set the images of the tools, you can also have different tools of the same type (if you wanted a normal arrow, fire arrow, and ice arrow, you could do that all with different images for the different arrows).
For your other question, I cannot say for sure if it is compatible with non-CGMZ plugins as I only test with CGMZ plugins in my test project. In general my plugins are highly compatible even with other large plugin libraries.