Question: Would it make a difference if a server was setup just to serve images? All the images for a website would be stored and served from this server.
Answer: It really depends on the technical setup of the website. If the number of images and storage space is consuming a lot of the hard disk space on the main server then moving the images to a separate server may help. If the image only web server is hosted within the same datacenter there should be no difference but if the images are being served up from a different datacenter. There maybe latency and loading time difference that some users may experience.
If a separate servers is setup to serve up only images for the website then the use of a content delivery network (CDN) should be considered.