Using image planes in inventor?

Yes it is :)
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Step 1:
Make the plan visible
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Step 2:
Click on image
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Step 3:
Find and click on the image you want and then click OK
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Step 4:
Use a coincident constraint or you can use a horizontal or vertical constraint to line you image up to the centre of the plane.
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Step 5:
Drop down sketch right click image down on to properties. When the pop up box appears tick transparency.
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Step 6:
Same applies for the other planes
Good luck.
:)