Is it possible to edit the metadata of the cover image?

I would like to add metadata about the album cover to the album cover as a part of the import process. For example, as the album gets turned to “albumart.jpg”, I would like to also attach “Album art for [Name of Album]” to the title or comments sections (in Windows) of the image’s metadata.

Is this possible?

No, not currently. But if you have a command-line tool that can do this kind of thing, you can imagine integrating it using the hook plugin.