> Related to your branch suggestion however, if I did do a branch, could I time the trial and the branch within the trial separately?
A /branch is executed when the parent <trial> element terminates. So the answer is "no".
> Since I am dealing with a large number of picture stimuli, do I have to hardcode the name of each one individually in my item > element?
Yes. The reason is that Inquisit must make sure that every file the script needs actually exists and is available to avoid catastrophic runtime failures on optimize performance.