Make a copy of the text frame and keep it as a backup on the pasteboard.
Select the text frame and go to Type>Create Outlines (this transforms your live type into a group of objects). Next, if you click on the image with the Select tool (black arrow), you will select the frame, but if you double-click, you will select the image within the frame. Once the image is selected, copy, then click on the text frame that you just changed to outlines and go to Edit>Paste Into.
Is that what you had in mind?