Image Component - Enhancement Request around wrapping/padding

We have had several client requesting the ability to wrap text around image, particularly Keller Supply that is looking to add some custom formatting around their About Us, history, and other content related pages. Currently OOTB, for any text wrapping around an image, a Rich Content widget must be used and specific HTML must be entered for a Content Author to create the wrapping behavior around an image. We are looking for a way to simplify this formatting by having more options on the Image component to allow this behavior.

Additionally, there have been requests to allow for the content author to control the amount of padding applied after its been determined that the image needs to wrap text around it.

See attached for Current OOTB Image Options vs. Customized Settings for Keller for reference of changes made so far by our team