The rowdatabound event certainly provides you with the ability to do this. It's fairly straight forward and intuitive to do so. And as mark mentioned, you could use a template column. I'd probably just use either the template column, or an image field to manage this:
<Columns>
<asp:ImageField HeaderText='Sign Off'
DataImageUrlField='<%# ThumbDisplay(Eval("SignOff")) %>' />
</Columns>
You'd then need a method like the following in your codebehind:
protected string ThumbDisplay(int signoff)
{
return (signoff == 1) ? "~\thumbsup.png" : "~\thumbsdown.png";
}
http://www.asp.net/learn/data-access/tutorial-12-cs.aspx has good detail on using the template column.
The best method is probably the one that fits with your other display needs. Will other columns need similar massaging? You might be better off taking care of it all in one go in the rowdatabound event. But if it's going to be your only modification to the data, using a template column, or the image column, will probably be the easiest to follow and keep the whole page clean.