It seems to me you have to be able to picture a circle or square otherwise you couldn't tell the difference between a circle or square.
Seeing an image in your mind is not the same as seeing with your eyes. I find it easier to 'construct' an image than to expect the whole image to appear in my mind as a flash.
Don't think of a blue dolphin wearing pink ear muffs wearing a hawiian shirt standing in the queue of a bank. So if you got the gist of what that looks like to you, you can definately visualise. Just imagine what it would 'look' allow words to help you construct the images not expect them to be there in full technicolor. 
Method of attack for photoreading course tear open the package when it gets delivered admire the... ok seriously.
Read the book the way it tells you to in the on the front page where it says read this book in 25 minutes. Then proceed with the tapes one at a time starting with number one.
Subvocalising - still do it myself, hasn't slowed me down 
Not being able to see magic eye pictures, no worries, you'll learn the X technique in the course.
Take it step by step. Do the course once through working with the tapes as you learn so that you can improve your skills by using the system and by going over the course again.
Alex