Yes i'm doing this and it woks properly but work slowly sometimes.
Now,
for storing image as data
NSMutableDictionary *studDict=[[NSMutableDictionary alloc] init];
NSData *imgData = UIImagePNGRepresentation(picture.image);
[studDict setValue:imgData forKey:@"Photo"];
NSMutableArray * studArrayPlist =[[NSMutableArray alloc] init];
[studArrayPlist addObject:studDict];
[studArrayPlist writeToFile: plistPath atomically:YES];
and for retriving image as data,
NSArray *paths = NSSearchPathForDirectoriesInDomains (NSDocumentDirectory, NSUserDomainMask, YES);
// get documents path
NSString *documentsPath = [paths objectAtIndex:0];
// get the path to our Data/plist file
NSString *plistPath = [documentsPath stringByAppendingPathComponent:@"StudDetail.plist"];
//Storing all the records (NSDictionary objects) in array from plist.
studeInfo = [[NSMutableArray alloc]initWithContentsOfFile:plistPath];
UIImage *img = [[UIImage alloc] initWithData:[[studeInfo objectAtIndex:"your index"] objectForKey:@"Photo"]];
[person setImage:img];
[img release];