Image in Timeless should have the same vertical alignment: middle as other recent and mostly used skin : Vector, Minerva, Monobook.

img {
	vertical-align: middle;
}

This is indicated as the default on MediaWiki help page since june 2010. Even though this page may not be official reference (as anybody registered user can modify it) and Cologne Blue or Modern skin do not have this as default, this means most user rely on this usual position.