Could you put the text on the side of the icon and the icon on the side of the text? Yes you could, but it will not look very good... for one thing the title will be in the wrong place. If you want to do this, I suggest going it the standard entry, with the image places and floated on the right. You will have to stretch this, so a wide image will be required.
Also, since this field is not meant for text, you will have to specify the font type, and the centering. In this case I have right justified the text, I think it actually works to a degree, but I would not recomment it for general posts.
Also notice that the title of the entry is rather small and cramped.
Finally, this field is not parsed in any way, you you will have to enter the paragraph breaks yourself.