Welcome to the forum!
I don't know how to deal with subfolders if you don't have it listed in a cell.
This method illustrates a concept where it allows text plus a picture. The text can be passed as "".
It is fairly trivial to iterate a range or even let the macro set the range.
Something you need to consider is what size you want the image if you use my method.
First, see if this or snb's method works for you.
Sub Test_CommentInsertImageText()
CommentInsertImageText Range("A1"), _
"U:\Material\ASPHALT\DESIGN\pics\5-25-2010 NCAT Track\dcp_1936.jpg", _
"NCAT" & vbLf & "Auburn, AL", 2, 4
End Sub
Sub CommentInsertImageText(aCell As Range, sPath As String, sText As String, _
Optional inHeight As Double = 0, Optional inWidth As Double = 0)
Dim c As Comment, p As StdPicture
If Len(Dir(sPath)) = 0 Then Exit Sub
On Error Resume Next
Set c = aCell.Comment
c.Delete
On Error GoTo 0
Set p = LoadPicture(sPath)
aCell.AddComment
Set c = aCell.Comment
With c.Shape
If inHeight = 0 Then
.Height = p.Height / 25.4
Else
.Height = inHeight * 96
End If
If inWidth = 0 Then
.Width = p.Width / 25.4
Else
.Width = inWidth * 96
End If
.Fill.UserPicture sPath
End With
c.Shape.TextFrame.Characters.Text = sText
End Sub