Maybe the volatile material script would work for this? You could use the text in your text object to generate a filename, and apply that file as a volatile texture. So if the operator selected "Partly Cloudy", it would apply "partly cloudy.png" as a material.
You would just have to make sure your icon files are labelled accordingly and placed in the proper folder. Put this script on the text object, on "on set text" and change the items in quotes as needed.
dim iconQuad as xpbaseobject
scene.getObjectByName("Weather Icon", iconQuad)
iconQuad.SetVolatileTextureFile(0, "D:\Your file path here\" & text & ".png")
Hope that helps!
#XPression