Oooops, you are right, the icon previews when showing the individual images have red and blue channels swapped - definitely a bug. RGB and BGR pixel formats collided. I wonder when this bug got in.
When you use that many icons, the lower window gets pretty slow, especially when you scroll down. Things are faster when one of the single-size view modes is used, but then there is that RGB bug you found.
But you should be able to get to 500 icons with a bit of patience. Sorry for that.
The files shown in the order they are in the icon library (by IDs). When new icons are added to the library they are assigned IDs greater than the current max. Old IDs are not re-assigned (because Windows and eventually other apps remember used icons by ID or by order - if the IDs change, they would be confused). So, when you drag and drop icons, they end up at the end.
Though, if you want a button for alphabetical sort, I should be able to make a small script for that (not a batch script this time).