Is SQL Server 2008 Change Data Capture (CDC) possible NOT to keep record when inserting?
Well, do you want to keep track of all the versions of the image data, or not? If not, can't you specify only certain columns for CDC instead of just enabling all columns? That will let you keep track of the changes to other columns but ignore the image data changes.

In other words, if all you care about is the current state of the image data, you can get that from the base table. If you care about the previous states of the image data, there isn't any way to store that data without storing it somewhere.