Thank you very much for the answer.
I found a couple of interesting documents on this argument (they where pointed out in Mr_Do site, but links where broken):
LAY Files Basics - Part I
Layouts and Rendering for MAME Artwork System
So, the shifter icon is essentially made up of objects (discs, strings and text), so a "composition", not an image.
The first link reports the possibility to use PNG images, and explains how to do that. I will post other questions after some toying if something goes wrong 
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Re: MAME Hi/Lo Shifter Icon
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