Recently, Boris Randolph of Los Angeles proposed the following:
"The exact number of words that a PICTURE is worth can be found by forming all the possible words that can be made from the word PICTURE, using them only as often as they occur in PICTURE itself (namely once) ..."
and provided a list of 126 words from Webster's Third. Intrigued, I checked Webster's Second, the OED and the Times Atlas of the World for more, generating the following list of 273 words of two letters or more.
Eckler, A. Ross
"Is a Picture Worth 1000 Words?,"
Word Ways: Vol. 13
, Article 14.
Available at: http://digitalcommons.butler.edu/wordways/vol13/iss4/14