Greasemonkey script would probably not do it! All that would do is make the images invisible; they'd still be downloaded, and it's probably downloaded image URLs that are tracked by your company. (Unless you know otherwise?)
I run FF but I like this idea.Could a script be used to actually change the settings in his profile?
The script could be run by him when IE starts up when he is at work.
And the same script (differnet settings) when he is not at work.
They are locked out by default.Any reason why you can't use a thumb drive at work?