During a discussion on LinkedIn: "Anyone writing journal papers and theses using Mathematica?" one of the questions raised was how to have text floating around graphics. I don't have an easy answer for that but one of the other features you often see in textbooks is wide page margins that contain pocket graphics. You can implement this in Mathematica by placing the graphic in the CellFrameLabel. Here is an example:
The notebook describing how to do this can be downloaded here.