Yeah, that happens. If I had a use for an extension of if I do in the future I might build on, but more than likely I’d do something that achieves the same thing in a simpler way.
For example, a radio field with dynamically loaded choices where the label of the choice included an image tag. What’s outlined here can also be used for a radio button field http://www.advancedcustomfields.com/resources/dynamically-populate-a-select-fields-choices/. I don’t actually know what would happen if you inserted images into a select field.
