Yes you can import graphics and basically create your own custom front panel using LV7.1. You can even call teststand sequences and show status on a LV front panel. You can also do the reverse, that is use a LV User Interface to TestStand.
I think some of these are included in the examples. Look in both the TestStand and LV directories (unfortunately, I am not at the PC where NI is installed, so I can't give you more accurate details... sorry).
You can be quite creative when it comes to User Interfaces.
Here are some threads you may want to read:
http://exchange.ni.com/servlet/ProcessRequest?RHIVEID=101&RPAGEID=135&HOID=506500000008000000671E0000&UCATEGORY_0=_49_%24_6_&UCATEGORY_S=0&USEARCHCONTEXT_TIER_0=0&USEARCHCONTEXT_TIER_S=0&USEARCHCONTEXT_Q
UESTION_0=User+Interface+%26+Teststand&USEARCHCONTEXT_QUESTION_S=0
http://exchange.ni.com/servlet/ProcessRequest?RHIVEID=101&RPAGEID=135&HOID=50650000000800000028A90000&UCATEGORY_0=_49_%24_6_&UCATEGORY_S=0&USEARCHCONTEXT_TIER_0=0&USEARCHCONTEXT_TIER_S=0&USEARCHCONTEXT_QUESTION_0=User+Interface+%26+Teststand&USEARCHCONTEXT_QUESTION_S=0
This one has a lot of info... For your reading pleasure, only... 🐵
http://exchange.ni.com/servlet/ProcessRequest?RHIVEID=101&RPAGEID=135&HOID=506500000008000000540D0000&UCATEGORY_0=_49_%24_6_&UCATEGORY_S=0&USEARCHCONTEXT_TIER_0=0&USEARCHCONTEXT_TIER_S=0&USEARCHCONTEXT_QUESTION_0=User+Interface+%26+Teststand&USEARCHCONTEXT_QUESTION_S=0
Hope this points you in the right direction.
Cheers,
JLV