Setting a custom icon in an alias breaks the right click file proporties action for me.
Create an alias under myaliases with this as result
test | C:\test.txt /icon=test.ico
Copy test.ico to same folder as myaliases.alias
Next search FARR to display that result > right click > properties.
I get this error message:
Windows cannot find 'C:\test.txt /icon=test.ico'. Make sure you typed the name correctly, and then try again.
Happens in both Windows 7 and Windows 8.