node_load() error with inline Imagecache implementation

I used a method I saw on another site to implement inline images to a site that I'm working on. I created a custom node-story.tpl.php file, and put in the appropriate arg() functions so that the custom node type doesn't interfere with the front page template file. Everything works fine except that when I try to view a story node that doesn't have the image I get an invalid argument line 521 error which is a node_load problem. Is there a way to exclude those nodes from having the inline code run on them? I tried using a statement like this "if($featured_image->field_featured_image[0]['filepath'])" , but it ends up excluding all nodes.

Also, is there a line of code that I can use to take the picture out of one particular story node when it's viewed as a node as opposed to viewed on the front page?

Here's the custom node-story.tpl.php that I have

<?php  

  
if ( arg(0) == 'node' && is_numeric(arg(1)) && ! arg(2)) { // Do something with the node 
  $featured_image= $field_featured_image[0]['nid'];
  $featured_image = node_load($featured_image);}

            
    $arr_style = array ('style' => 'float:left; padding: 6px 6px 1px 0;');
  
  
?>
        	
        	<h2><?php print $featured_image->title ?></h2>
        	<?php if($featured_image->field_featured_image[0]['filepath']): ?>
    	        <?php print theme('imagecache', 'featured_block_2',
$featured_image->field_featured_image[0]['filepath'],$featured_image->field_featured_image[0]['title'],
$featured_image->field_featured_image[0]['alt'],$arr_style);?>
		<?php else: ?><h2><a href= "<?php print $node_url ?>" title="<?php print $title ?>"><?php print $title ?></a></h2>
	        <?php print $content ?>
	        <?php if ($links): ?>
		
		<div class="links"><?php print $links; ?></div>
                
		<?php endif; ?>
	    
	    <?php endif;?>

		<p><?php print $featured_image->body ?></p>