Originally Posted by theducks
Conversion can't add (something that subtle) that was not there to begin with.
If you convert something with a dropcap, the output will usually have a dropcap, if the format supports.
I've had a look at the source chm file that the OP posted and the required information is
there to begin with: some images are left-justified with text flowing to the right; some are right-justified with text flowing left; some are centred with no text either side.
So it looks like this info is being lost somewhere in the conversion pipeline. I don't know if this is due to technical diffilculties or is just that CHM conversion is still maturing, but it looks as though the OP's request may be possible.