OK, let me see if I understand what you want to do. You have a text frame with some portion of the text selected (assuming you are going to edit this bit of text somehow), and you want to be able to resize a picture frame (not the text frame), by using the old shortcut to change to the item tool because tapping V will replace the text that is selected with the letter V instead of selecting the selection tool like you want. Is that correct?
If that's correct, you can just click anywhere on the picture frame while holding the command key, release the command key, and the picture frame will be selected, with all of the handles ready for you to resize it. When you are done, you just have to click back on the text frame and eveything you could have done before you moved over to mess with the picture frame will be ready for you to continue. The text will still be selected, and you will still have the text selection tool active.
Have I misunderstood you again?