Well, you -could- make a couple custom variables for the Artist and Title fields... Differentiating between an mp3 file and a shoutcast stream would be a different story altogether, however you could look at the "Filename" parameter (I would assume this would be the URL of your SC stream) for some conditional formatting.
I'm not an expert on C# formatting routines; someone else could probably point you to the actual code bits you'd need.. But, yes, it IS possible to accomplish what you want.
If nobody else offers code bits, I'll see if I can whip something up.
BTW, Welcome to the Forums!
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