That isn't currently possible through the iCamSource program itself. It is possible for you to replace the iCamSource menubar icon with a different icon. To do that, right click on iCamSource.app and select Show Package Contents, then navigate into iCamSource.app/Contents/Resources. That folder contains the icons used for the menubar. There are four icon files starting with "iCamSourceStatus_".
You can replace those icon files with any icons you want, just make sure they have the same filenames as the original icon files.
Alternatively, you can just rename the original icon files to have different filenames, such as "iCamSourceStatus_Running.png.old". Then the icon in the menubar will be blank.