> Try something like "Type the third and fifth letters of the word elephant into the box below" with instagram filter applied.
That was a common captcha technique a decade ago. It didn't last.
> Basically, I can't think of a way to come up with something ez that defeats it.
You're mistaking your inexperience with the field and its methods for difficulty in solutions.
> Finally, you can make it super annoying to actually find where the image is by converting to svg and messing with html structure/compose image in JS.
This isn't hard to defeat. SVG is really no harder than PNG or JPEG to deal with, and if you are programatically altering it, it's trivial to figure out the purpose of the JS and re-implement it, and pass in whatever randomized variables change it. Or just use node, and scrape it from the page and run it as delivered.
> Now they're going to be forced to run a headless browser, take screenshots of the captcha page and finding the image within the page.
That's trivial. Far more trivial now than it was in the past, actually. There's plenty of systems around to run headless browsers. Some are to ease testing for developers, some are specifically designed for and marketed to people that want to do things just like this. Worst case, you use electron and make your own browser to do it.