I haven't truthed this for Word, but it may be possible to link to photos rather than imbedding them. That's how InDesign does it--what you see on screen is a thumbnail of the source file. In this way you can make changes to the photo and they're automatically incorporated in the document.
If not true for Word, simply re-insert the photos from the source files before going to press to ensure they're first-generation copies. (Not so easy if there are hundreds.)
Cheers,
I know you didn't ask this but . . .
It's truly amazing what can be done within a word processor. And yet, for a book (I believe that is what you are working on), it may be worth getting something like Adobe InDesign or other software that is really made for publishing. You just don't have the layout capability -- nor the guarantee that something won't come back quirky after having gotten it right on the screen and saved it.
One alternative to learning it yourself is to get things close and then have someone who does that kind of thing do the actual pre-press layout. This could be especially worthwhile for D-I-Y publishing where the printer doesn't look, check or care what your output is like.
I'm looking forward to your book and am glad to see that you are moving ahead with working on it.
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