How to do a children’s book?

I am preparing for laying out a children’s book with full-page illustrations. My investigation of Framemaker does not seem to offer much guidance. I have a feeling the best route to take is to use Photoshop with the text tool and layer the text right over the illustration and then paste the entire picture on the page. It rules out any later editing, but the book text could first be prepared in WORD with all of its editing features and then have the individual text pages copied into the text tool in Photoshop. While it seems the file might be quite large, since the printer, Lightning Source, requires all art to be 300 dpi, there is nothing lost haveing the text as part of the picture. Then the Framemaker or Acrobat software has no actual text to process at all…just page after page of pictures.