With the current RichTextLabel is there a way in bbcode to create an image [img][/img] but have the text draw over (inside) the inserted image?

Try starting with a TextureRect for your image and putting the RichTextlabel as a child. Then click on the richtextLabel, go up to layout and try positioning it at center-left.

With how the code currently is for inserting images in RichTextLabel nodes, I do not think it is currently possible to write text over an image inserted into a RichTextLabel all from within the RichTextLabel node. I think you'll need to use a TextureRect node like @Erich_L suggested.

That's what I thought. I wanted to create borders around certain text but not others. I looked at tables and cells, but borders are not available in 3.x

a year later