I am about to send it in tracker but first i think this feature needs some discussion here.
I got the base idea from some modules like publisher.
In publisher module when you create a clone it create a new PNG logo with the new name.

It uses some php functions like: "imagecreatefrompng", "imagecolorallocate", ...
It also borrow a ttf font to write new name and also choose new color.

I think it can be very useful for customization and localization.

Customization:
An end user can create its own logo/images/icons for a theme with the desire text and color without using any extra tool.
more than that end user can create a new image set for its module/core.

Localization:
Local parties dont need to translate and add local image sets (using photo editors) to the new released english core. In install the image set will be created automatically for the selected languages.

Sidenote:
In the next days I will send another separate feature to show how modules and core images/icons can be fully customized and localized using the way phppp (DJ) used in the newbb module.
you can see a brief in newbb/class/icon.php
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