Oh yeah, there are a lot of folks here that make photo zines, myself included. I find it is best to let your content determine the format of the zine. Some photos beg for some neutral space around the borders, while others look good with a full bleed.
I know some photographers who cannot stand to trim even a millimeter of their images and would never allow them bleed or be carried across a fold.
Keep in mind, if you are printing, cutting and stapling a zine yourself, a full bleed is a lot of work. I do in for my 8 page mini-zine, but just saying.