Where is the "Change Icon" menu option for Menus?

1) the option to change Menu icons

Right-click the menu button then select Appearance->Change Icon

2) set the Hotkey for items inside the menu.

Right-click the menu item and select "Hot key..."

Also note, it is possible to change the context menu in the TLB Settings. If you don't see the menu items Change Icon and hotkey, then try to hold down CTRL+SHIFT when you right-click the button.

PS...I rtfm'd, but it appears that the chum file does not quite apply to the stand-alone version?

I'm sorry, what is the "chum file"?