You can use CB Auto Actions to act on field change and perform whatever action you like. See the below on how to do this.
www.joomlapolis.com/forum/153-professional-member-support/242902-solved-triggering-an-email-message-based-on-a-field-change-status#320476
So for example using the above you could use a Field action to change the value of a field based off another fields value being changed. As for what triggers to act on they are as follows with explanation of where they apply.
onAfterUserRegistration = frontend registration
onAfterNewUser = backend registration
onAfterUserUpdate = frontend edit
onAfterUpdateUser = backend edit
And would it be easier to do if we required moderator approval of the image? Does that give us more options for the ability to modify the other CB field?
No.