Hmmm... this might work for you...
Code:
Public P As StdPicture

Public Function CanLoadPicture(PathToPic) As Boolean

On Error GoTo CanLoadPictureError

Set P = LoadPicture(PathToPic)

CanLoadPicture = True
Exit Sub
'if we are here then there was an error...
End Sub
So no delay in the rendering of the graphic and if you want to display it then...
Code:
Image1.Picture = P
'Picture1.Picture = P


Good Luck