I mostly agree with DaasYochid’s position here.
1. It is absolutely ok for a frum publication to have a policy of not publishing pictures of women.
2. The editors of Hamevaser were either unaware or uncaring of the reaction the doctored photo received. I don’t think they did this for attention, shock, or an “in your face” gesture.
3. The negative reaction was primarily engendered by anti-Chareidi Jews in Israel, and was subsequently magnified by global media outlets that seek to equate Israelis and Islamic fanatics in order to maintain their ideas of moral relativism in the Middle East conflict. I don’t think Hamevaser should be totally blamed for this.
All that said, while Hamevaser had no bad intentions and their edits did not change the substance of the photo, I think doctoring photographs for any reason would be regarded as dishonest by most, since there is an expectation that photographs are accurate representations of what the photographer saw through his/her lens. Even if it is not intended to be dishonest, therefore, I think that frum outlets should avoid altering photos based on darchei noam. Especially in the current atmosphere. There surely were other photographs available that suited the magazine’s needs without needing to photoshop.