There are a few of these out there and all work, but I like to create my own tools that work more the way I want them to. If you don't know what a shortcut overlay is it is the little arrow on any shortcut file in Windows. Some of us either don't like the arrow there or sometimes we want to switch back to old fashion XP overlays.
Shortcut Overlay Utility V1.1 has modes for Vista and 7 & 8 and has all 4 modes in each.
Each mode looks the same, but one of the resources in Vista is in a different dll than 7 & 8's
There is a portable version or an installable version for those who like that method. The installable version can be cleanly uninstalled. The only single drawback to is that sometimes Windows 7 must be restarted completely to see the results as it will temporarily display a black square until you restart. Not even an issue for me, but if anyone would like me to add a feature to restart the computer just leave a comment and I can add it in. This program is not Windows Verified and so might display false positives, but I freely offer the source code and it should show unknown and not untrusted.