I would like to know what is the best way to go around this. I have a gridded 2-column text flow - with many individual paragraph marks - that is subject to corrections and additions. For this reason, I would like to have my 194 figures (all in 1-column width) as anchored inline graphics with attached captions grouped together so that the figures + captions move with the text. Is this at all possible and, if so, how do I control text wrap of figure+caption? Is it possible to edit the captions while anchored and grouped with the figure?
The alternative would be to have figures and captions as floating graphics but this would make it next to impossible to control placement of all figures when altering the text.
Any help would be much appreciated.
Group your caption with your figures then anchor them.
Set one up to your liking then set it up as an Object Style http://helpx.adobe.com/indesign/using/object-styles.html
Apply a Keyboard Shortcut to your style (via the Object Style options)
Everything you want to do is extremely doable in InDesign.
However, you seem like you're a novice at this sort of thing, I highly recommend Sandy Cohens Quickstart Visual Guide for InDesign.
Note that text wrap on anchored objects works differently from un-anchored objects (it never affects text before the anchor), and if affects following text differently depending on if the anchor is inline or custom positioned. Objects anchored into the second column of a two-column flow are not going to wrap text in the first column.
If your text should break such that you divide into two-column sections with a spanning header or figure, rather than jumping over the figure and continuing to the bottom of the page before moving to the next column at the top, you will probably want to use the split columns feature with a single column frame.
I think if you post a screen shot of a page mockup showing what you have in mind we can get you better advice.