It sounds like you want to embed small variable images into the flow of a text object. While this could be accomplished using separate image objects and anchoring, it will get quite complicated if the text flows from one layout to the next.
Some time ago we did implement something that could help, but it is not enabled in 7.0.4 and therefore not yet supported. If you wouldn't mind using this feature anyway, maybe you could give it a try to see if it suits your needs?
* Use RegEdit to open HKEY_CURRENT_USER\Software\PrintShop Mail\PrintShop Mail 7.0\Settings, and change the value of EnableOLEinText from 0 to 1.
* Save your bullet as a small Windows bitmap (.bmp extension), let's say OH.bmp. Make sure this file is in the same folder as your .psmd document.
* In a text box, add a variable with expression TEXT_FILE("OH.bmp"). Nothing else, do not append anything to it with "&".