Using conditional text for graphic replacement?

I am attempting to use conditional text to display or not display a graphic using key definition files.

I have several documents utilizing the <ph> tag for conditional text and a keydef nomenclature file but I would like to find a way to use one of the <ph> tag choices to replace a graphic and not just text. We use ph id=brand, productname, feature, and model for our conditional text choices. We do utilize profiling too but that will not work for me in this situation.

Anyone ever try this?