A.M.,
I'm not really sure you can do this with PhotoScan, as by the sounds of it you're trying to reference
and un-distort a single image?
What you can deliver depends on what information you have / can gather:
- If all you have is the image, the nadir position and frame orientation, I don't think you can do much of value.
- If all you have is the image, nadir position, orientation, and length of the sides of the image on the ground, you could hand-construct a .tfw - but the image would still potentially be distorted, unless it was from a planimetric camera.
- If you have the above plus a number of points on the image which you can the accurately locate on the ground - either existing known monumentation or recognisable points that you can survey - then you have a chance; the more points the better, and the flatter the terrain the better the results could be.
You really need a minimum of four points towards the four corners, more is better, especially if the terrain isn't flat, so you don't just have an affine but a higher-order correspondence across the image. Just like any other geo-referencing project, you should also keep a few known points back and then use them as check points to validate the transformed image.
I have done this with older single-shot aerial imagery by using Didger (by Golden Software), Global Mapper (by Blue Marble), and ArcMap; but many other GIS will do this with varying degrees of sophistication and accuracy, including, I believe, QGIS.
Commands and workflows such as geo-referencing and registering aerial images usually assume that you already have an un-distorted ortho image. The 'un-distorting' process is often referred to as "rubber sheeting" so you may find that a productive search term. ("Rectification" as a workflow in some of these systems can sometime refer more to applying a set of known lens corrections to an image).
I would suggest though that however you decide to un-distort and geo-reference the image (if you achieve it) that you endorse what you're delivering with a healthy disclaimer to manage the client's expectations and your liabilities!
Dave