I think the right way for storing radio stations is in an sqlite database. pysqlite makes it easy to do sql queries from Python.
The DB can have extra info apart from Name and Link, such as City, Country, Audio Format, Gender and Ranking (overall, audio quality, speed, web site). In this way, one can search by any of these filters easily.
I have made such a database with almost 20,000 stations not only for Icecast, but for all stations on the web.
Please check your gmail for the database, so you can incorporate it in radiotray if you find it interesting.
The database can be stored on the radiotray site, and get updated automatically. If you are going to use it, I can then send you the scripts for updating the database.
Use Bug Tracker and make new bug report.
And submit your code as a patch.