It did work OK with Explorer. Below is a variant with a slightly larger GIF image, but which worked OK when I tested it with both Netscape and Explorer. However, with this solution, it is difficult to ensure correct alignment between the horizontal ruler and the logo. A solution which works with one browser might not work with another browser. Also, the GIF picture is much larger with this solution.
Some browsers insert some kind of horizontal bar between the two images.
This solution has, however, several problems. First, you do not save much downloading time, since the GIF will be almost the same size as a GIF with the text included.