I realize this is an old thread but I just happened to stumble upon it. I used modge podge for a door prize I was making for my local daylily club. I used photos from Birds N Blooms which had a glossy sheen. Have never tried it with black and white photos, but it did work out well for the photos I used. I used a marine sealant when all the photos were dried. Not sure how it held up if the winner put it outside, but looking back at my photo from 2016 I might think of making one for myself!
Frilly....did you ever complete the project? If so, how did it turn out using the black and white photos?