Can I use custom image for a certain product and change its label text?
Yes, you can upload your own label picture and customize label text as well. Go to Backend » Catalog » Manage Products. You can upload the image and define the text in the Product Label tab, it is added to the product as its attribute after the extension installation. Define the image either by clicking the Choose file button or point its path in the Image Path field. It is also possible to specify its label text in the Text field.