Using image styles and term references
The Formatter Field module was made for just that:

The formatter field module provides a mechanism for specifying a formatter and formatter settings to be used for displaying a field, on a per-entity basis. By default, Drupal provides formatters and settings per entity bundle, but in certain situations it is necessary to choose the formatter at the entity level.
For example, say you have a page node with an image field. Normally, you would select an image style as the formatter, and all page nodes would use that same image style. With this module, you can add a formatter field to page nodes, which is hooked up to the image field. Then when the node is created or edited, the image style can be selected per-node.

There are some steps on the module page I'd recommend reading before diving right in, it's not immediately obvious how to make this module work.