Thought I'd post what I gathered on this so far, so information will not be lost.
First things first. .IFL files are a sequence of images played to make a texture look animated.
Let me start by off showing what a .ifl file looks like in notepad. The one below is taken from the first few lines of Game DataSandy IslandTexturesWater AnimWater Anim.ifl
; water anim
water01.tga 3
water02.tga 3
water03.tga 3
Key points to note:
";" at the start of a line is like a comment in programming. (from what I gathered)
The root directory is the folder in which the .ifl is in. Sub-directories are supported.
The rate is by frames, not seconds.
In LR2 language, the extension .mip goes by the name .tga.
Decimals are ignored. Eg. 0.50 equivalates to 50 .
So, a line basically contains two things if not a comment line. The texture name, and speed, only one of each per line.
Basically, how it works is that you put the name (and sub-folders if used) of the texture, put a space (" "), and then enter the speed. 30 is equivalent to 1 second (1,000 miliseconds).
Aaaand that's all there is to it!