You'll still have the pics in storytelling and in the album from the first time round. You only need to take new photos if you do something very different second time round - unless you are a lot pickier than me.
You won't actually have a "second time around". Everything you did the first time is largely intact. If your sims got promoted, they're still promoted. If someone died, they're still dead. Anything that happened is still recorded, the only thing that reverts is the current activity and physical state of the lot furniture.