I don't think so. Well - let me qualify that. Of course it's possible to make certain photos stay with certain text by placing them inline, but you cannot also wordwap and as you have probably observed, it does crazy things to the leading. I think I would either:
(1) place the graphics inline and then when I was certain all the text had been added, starting from the beginning of the text, note where the photos ended up, delete them and then use File>Place to get them as non-inline graphics in the right place. Sounds mighty tedious.
(2) make a note of a few words (or alternatively, place a bright coloured rectangle in the text line) just prior to where you want each graphic to be, but not place any of the graphics, then complete the text and using the Story Editor, do a search for the text strings (or do a visual search for the coloured rectangles) and then place your graphics. Also sounds tedious but perhaps not as bad as the first.
An interesting problem, and not one I have had to deal with. And not really one PM is well equipped to handle. I know Framemaker is much better at doing something like this - for example, keeping photos and text of the same product together in a catalogue.