Not in the current release of EPiServer CMS, but the upcoming R2 will feature a new image editor that will be available both from the filemanager and the wysiwyg editor.

If you have an image property on your page you shouldn't let the editors resize the image for you, do it with code instead. Doing it with code requires less work for the editor and the page will look better because the images fit perfectly. Too much freedom for the editors usually result in pages looking different depending on who created it.