Yes, to an extent that would work.
1) Take target image
2) Find the index in π (say) where a matchable sequence of bytes occur, like for Waldo. (If your image is big, this could take several years of computation time.)
3) Transmit the palette, width, height, and index: about 800 bytes.
4) Probably the index is too far out for everyone to have a copy of the data already (it would be beyond terabytes). So the recipient then spends several years computing the number out far enough.
5) Profit!
Note: the palette is optional; you could leave it out and only transmit about 32 bytes. Using a palette also means lossiness, because you're reducing to 256 colors and making compromises between pixels. But using one saves you several orders of magnitude of computation time.