I have a partial solution (works in browser, but not so good in email client). I set the base64 version to be the background of the div and inside the div I put the link to the hi-res file. I also put some inline code to hide the broken image if the file is not available.
<div width="500" height="375" style="width: 500px; height: 375px; background-size: 100% 100%; background-repeat: no-repeat; background-image: url('data:image/jpeg;base64,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');">
<img width="500" height="375" style="width: 500px; height: 375px;" src="https://i.stack.imgur.com/VRBmC.jpg" onerror="this.style.display='none'; this.onerror = null;">
</div>
The email client support is very limited, though. Many of them strips the base64 image, so no fallback image if the linked image doesn`t load. You can find out more HERE. Javascript support is even worse (I read that Outlook & OE might support it), so the broken image shows in front of the fallback pic after all.
I've only tested on Gmail (no fallback pic) and on Thunderbird (no javascript), but you might have better luck.
My solution is based on THIS and THIS answer, please upvote them, too.
Alternatively, you could use javascript to load image only if it is available, so there would be no broken image, but with as bad js support as we have, the hi-res pic would very rarely load.
I'd really like to see a fully working solution, or an improvement over mine.