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I have been pulling my hair out over the last few days, trying to find a way to combine a custom link field with an image field, to no avail. I could accomplish this with one image field value and one link field value through Views, but I can't do it with more than one value for each. (I have a content type with 3 image field values per node) At any rate, relying on Views for such a basic function seems unwieldy. Using the field collection module I can almost get there, but I still need to create a custom template for my content type in order to go all the way. For a variety of reasons, this is not a great solution. This particular site requires numerous content types and the ability to add more without necessarily having access to a Drupal developer. Any time a developer is required for basic functionality like this, it represents an extra cost to an entity that chooses Drupal as its CMS. I could also completely give up on image fields and try to accomplish this with a WYSIWYG editor and many lines of CSS, but again that's a long painful row to hoe just to wrap a link around an image.
There was a Link Image Field module but it has not been released for Drupal 7, and it works with a "link image" field instead of the existing image field. (The D7 release of this module seems to mired in red tape at the moment, maybe someone can expedite it)
In my opinion, this should be part of core and it should work with image fields.
This seems like a fairly simple need: the ability to link an image to any URL we want. Presently, image field link options include "content" (the current node) the file itself, or "nothing." These are also managed through field display settings for all nodes of a content type (as opposed to being set with each image field value as it is uploaded on an individual node).