It should result in an empty image block, as the coding for the image block will still be there, but the image's info wouldn't be. Another thing to keep in mind is that our system also retains a basic cache of Library files for up to 24 hours after deletion (fully, permanently deleted from Library, not just put in Trash). So during this time, the deleted images may still display and be available while editing a copied email. You could even send a copied email that uses an image that's been permanently deleted, and have that image come through. However since the image doesn't exist in the Library anymore, it wouldn't be available for selection or image-editing.
In the event that after perma-deleting an image from your Library, and waiting up to 24 hours after doing so, you're still seeing the image in email previews or while editing a copied email, please call our general support so they can perform further, live troubleshooting.
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