Hi David,
ShpEd only shows you the first page of icons initially.
After you’ve selected a shape file, click the 3rd button on the bottom (view collage). This will show you the first page/collage of icons in the shape file (about 35 icons).
In the little scrollable window it tells you how many icons total are in the shp file, and it tells you what the number of the last icon you can see.
To see more icons in the shp file, you can change the “Image#’ in the left box to say ‘36’, then hit the view collage button again and you will see icons 36 to 70.
Read this post here:
http://forum.shrapnelgames.com/showthread.php?t=47320
If you have any questions post them on this thread and I'll try to help you out.