Hi btyo462,
If you upgrade to iPhoto 6 that option is available.
In iPhoto 5 there is an applescript that you can download that will do it for you.
There is a way to find out where the original photo is that you have in your iPhoto Library. On this page there are iPhoto Applescripts. One of them is "show image file" I tried it and it does work for iPhoto 5. If you click on the image in your library window and then use the applescript it will open up a finder window with the image file, and you can see it's path of where it is.
http://www.apple.com/applescript/iphoto/
Download the scripts from the link
Once downloaded, put the folder "iPhoto Scripts" in ~/Library/Scripts
Now navigate to Applications/Applescript
In that Applescript folder is an icon that says "Install Script menu"
double click that icon to install the Script menu in your menu bar. You might have an item called ScriptMenu.menu instead. follow directions on next link
http://www.appleclub.com.hk/applescript/script_menu/
It will look like a little black scrolled paper.
Or you might have an item named AppleScript Utility.app in the folder. Double click to open it and make sure you have show script menu in menu bar checked.
Now open iPhoto, click on a photo to highlight it
Go to the menu bar and click and hold on the Applescript icon
scroll down to iPhoto Scripts, then scroll to "show image file"
Wait for the Finder top open a finder window showing you where the image is.
OR:
Or you can download Joe's iPhoto Applescripts
He gives instructions on the page for the installation of the scripts.
Also, in case you didn't know, you can set up PS to be the external editor within iPhoto. iPhoto will always save the original photo and only edit the copy of the photo (same thing for PS) You must save the photo with the same name and file type and the edited photo will be reflected in the library.
The Original can always be reverted back to by control clicking on the edited image and scroll to "revert to original"
