My project folders represent the menu options associated with the application for which we are generating the Help file. Graphics for each topic are stored in, and subsequently inserted from, the folder for that menu option.
The exception: The bottom controls (buttons) on all screens in the application are, many times, interchangeable and I have created graphics for each of them. Do I have to replicate these graphics in each menu option folder, or can I create one "Buttons" folder and pull from there for the entire project?
Images used for the topics in one folder are best stored that folder. Images that are shared in the way you describe can be stored in Buttons or whatever.
The key thing is a logical structure and what you suggest meets that criterion.
See www.grainge.org for RoboHelp and Authoring tips
It works and you’re calling my thinking “logical”. Way cool! Wait till my wife hears this (um, she may try to call).