man i love details! with your explanation, it looks so easy now!
I think i have what you want; run this select and confirm whether or not this is finding what you are looking for:
records in WEB_CATALOG_IMAGES not in Product and even iof there is a record in ITM, the Drop_cd in ITM must be NULL
--find all records in WEB_CATALOG_IMAGES not in Product and also no Drop_cd in ITM
SELECT
WEB_CATALOG_IMAGES.*
FROM WEB_CATALOG_IMAGES
LEFT OUTER JOIN PRODUCT
ON WEB_CATALOG_IMAGES.ITEM_CODE = PRODUCT.SKU
LEFT OUTER JOIN ITM
ON WEB_CATALOG_IMAGES.ITEM_CODE = ITM.ITM_CD
WHERE PRODUCT.PRODUCTID IS NULL --due to join, no record in Product
AND ITM_CD.DROP_CD IS NULL -- NOT have a drop_cd entered
Lowell