Wouldn't it make more sense to have:
<img src="{option}" align=left hspace=10 alt="{param}" />
This way it works by doing:

much like the URL BBCode works.
Also, I am not understanding your question. Multiple options meaning multiple uses of the {option} tag?
{option} tag can be used as many times as you like, but remember you can only have 1 option so it has to be the same value.