@Zoinkity: Wow! Thanks a lot for your comprehensive reply. This will probably save me a week's worth of effort (at least). What strategy did you use to locate these tables? Just tracing through code? Is it sensible to use my aforementioned strategy to locate decompressed textures in RAM and set breakpoints to find the decompression routines and work backwards from there? (I'm spending this evening trying to track down the decompression routines). More to the point, you have given me the fish, and now I am seeking the rod.
I realize the answer might be as simple as just, "Trace through code till you find it"

Edit: Just to add a little more clarification, I've had a lot of experience with locating in-game variables. My end goal is to write a kart editor and I've managed to locate most of the tables within the rom that specify various kart properties (e.g. mass, acceleration, turning speed, etc.) But what I do not have experience with is the graphical side of things. I would like to develop a method to locate textures for other games as well that I work on in the future, similar to the way that I have developed a method for locating in-game variables.
Hopefully I am making sense. Again, thanks for your time.