Imagehandler will not work without the bmz_cache it is where image handler stores the images it creates,
Don't delete the images manually unless there is an actual problem using the image handler clear cache function loxcated
Admin --> Tools --> Image handler2
There should be 4 tabs
manager - admin - preview - about
go to the admin tab and click "Clear image cache" and this should delete all images in the cache
Image handler will rebuild the cache as images are requested by your store, so there should be no problems, i personally clear the cache about once a year (or before I do a full site back-up), just to clear out any images of products that are no longer available.
Ps if you are using the latest version of zencart you really should be using IH3, as it contains a few bug fixes and better compatibility for IE9
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