If it is what I think you are referring to, then no, not by default AFIAK (if you are talking about flowing the text above, to the side and bottom of an image).
Yes, I looked it over, but I am not a developer. I dabble, so while I understand the intent more or less from some of the code, I don't see how I'd get from here to there.
You could just wait until XF 2.1 where you can align images to the left and right using the editor controls. We showed that functionality in the most recent Have you seen thread.