This is an imperfect workaround, but I use it quite a bit. Paste your graphic in-line, followed by a hair-space or thin-space. Then format your paragraph with a two-character drop cap (your graphic and space actually become the drop caps). Increase the number of drop-cap lines until the graphic is in position (you can adjust it up or down a bit with the selection tool). Additional adjustments can be made by selecting the graphic with the type tool and adjusting the baseline a bit. (You can save this all as a style for reuse).

Unfortunately, you can not adjust the drop-cap wrap for a custom shape ... straight edges only.