As you're probably aware, you can customize which menu items and toolbar buttons appear in EditLive! by editing your configuration file. However, most people don't realize they can also customize how those items appear while preserving the underlying functionality.
For example, if you wanted to replace the icons so they better matched your particular application's look and feel, you could do so by specifying the imageURL attribute on any or all of the item entries in your config file. So to change the "cut" menu item to use the image file "http://example.com/myCut.gif" the configuration file element would be:
<menuItem name="cut" imageURL="http://example.com/myCut.gif" />
Similarly the toolbarButton element would be:
<toolbarButton name="cut" imageURL="http://example.com/myCut.gif" />
When the user selected one of these the standard Cut routine would still be executed and the default text for the menu item and toolbar button tooltip would still be used. For best results, make sure the image you specify is 16×16 pixels and has a transparent background.
If you wanted to change the text or tooltip, just add a text="My New Cut Text" to the menuItem and toolbarButton element respectively. It's just the same as if you were using a custom menu item or custom toolbar button except that the behaviour is already implemented for you.