As Simon commented on your question, this is not possible to have a custom height for a GridItem.
You have 2 solutions to be able to show an image with a reasonable size:
You can code your own UITypeEditor. That way, the user would just click the down arrow and see a nicely sized image in the dropdown box.
Sorry for the plug but I think it directly answers your question: only 3rd party PropertyGrids may allow you to get variable size rows in the grid. Smart PropertyGrid.Net is one of them. You set a HeightMultiplier to the row so that it expands on let's say 4 rows. Then you code your own Look class that handles the drawing of the image the way you want in this space.