DNS lookups are cached by your computer, so there will only be a single lookup per unique domain.
Additionally, most people use their internet provider's DNS server, and it will typically cache DNS lookups as well, so a lot of the time, the DNS lookup will just be a single network hop away.
You have no way of knowing when the IP address of a domain will change, so I do not recommend this approach.
Is there a reason you don't store the images on your own domain? If you did that:
- the DNS issue would go away.
- A lot of web servers don't allow hot linking of images, so this problem would be solved as well.
- that would also create the possibility of spriting images together, if the set of images shown together doesn't change often.