Conditional PNG Overlay in Custom Post Type Loop Depending on Post Type

You can do:

if( 'video' == $post->post_type )
    $play_button = '/images/btn-play.png';
elseif( 'slideshow' == $post->post_type )
    $play_button = '/images/btn-ss.png';

Then render the button with:

<img src="https://wordpress.stackexchange.com/questions/4052/<?php echo get_bloginfo("template_directory') . $play_button; ?>" class="play" />

Hope that helps!