Composite Tools: Load material from library and assign it to selection

In a composite tool, is it possible to load a specific material from material library and assign it to selection? I think I've looked up all of the available tools with "material" or "library" in their name, but I couldn't find anything that would allow me to accomplish this task.
I want to create a simple tool that would add selected objects to retopo reference list, assign a predefined material and freeze them.

The tool name is: Assign Material

The tool name is: Assign Material

This tool doesn't take any parameters.