[JSWolf]

There is another problem. If this eBook is going to be sold at Amazon, then you'll have to deal with Mobi which cannot do this and with KF8 you'll have to deal with the fact that the first line's height will be off.

Also, in your second sample where the graphic is centered over the initial cap, that won't work either for the same reason. You have no idea what font and font size someone is going to be using and thus, you cannot do it the way you want.