Harvey Nichols have used these black and white monotone, old photographs for their food labels. The image is the main focus of the packaging placed on a silver tin. The label seem to be about 3/4 image and the last quarter a white background with the labels name and some small details, not overcrowded with information, kept quite basic.
I am unsure yet as whether to use text and image or just text. But this method has proved you can use both and still keep an elegant look which is what I am working towards.