I believe that you will be able to do this, but you will need to draw the contextMenu yourself. If this is acceptable, let us and we can start working something out...
You can find a sample for OwnerDrawn Menu Items (this one adds Icons) right <a href="http://www.msjogren.net/dotnet/eng/samples/dotnet_iconmenu.asp">here</a>. It should be a nice foundation for your efforts.
Context Menu Size
slavapvf
santaclause585
Steven D
Not the prettiest solution but at least then you dont have to owner draw.
Wingnut_233