It honestly depends upon the particular synod/denomination, and the particular Lutheran specifically.
Officially speaking, since we profess to adhere the seven Ecumenical Councils, we technically shouldn't have a problem with icons. However, as we are children of the Western traditions, venerating icons isn't exactly in our bag of tricks (especially if the icon is of a saint).
More importantly, though, is that you probably won't see much icon-venerating because:
A) We don't necessarily have icons in our churches and homes
B) Many don't know the theology behind icons, and as such probably wouldn't
If the veneration of icons was properly explained and taught, the reactions would likely be:
A) No way, that isn't right
B) Okay, I get it. You can do that, but I probably won't, but I won't bother you about it.
C) Sweet, I'm all for the veneration of the Holy Ikons! (A slim chance)
D) Can we just have our coffee and donuts now?
For the record, this Lutheran is an iconodule. I have an icon, and whenever I have visited any Orthodox temple, I have always venerated the icons, especially of Christ and the Holy Theotokos.