BmpToVmu

posted at Blue Swirl

BmpToVmu is a command line tool that allows to create a VMU icon or eyecatch from a BMP image. You'll then be able to insert converted bitmaps in a VMU file, which is particularly useful for your games/emulators/apps projects for Dreamcast.

you can download locally here, or from Blue Swirl

It doesn't do the kind of icon that has both a color and LCD image. = (

Im going to have to try this, sweet!