I agree FileVault is overkill .. encrypting your entire Home folder
There are a few different levels of security.
You can use simple utilities to "Hide" the folder of images but it is not secure in any relevant way.
You can try ApiMac -
http://www.apimac.com/secret_folder/index.php which does a slightly fancier job of password protecting and hiding the folder.
RECOMMENDED
Use Disk Utility or DropDMG(
http://c-command.com/dropdmg/) to create an encrypted disk image. Drop your folder of images onto the encrypted disk image and you're done.
See the section in this article on creating a Disk Image from a folder and note the option to ENCRYPT the image.
http://web.reed.edu/cis/Help/software/diskutil.html#imageCAUTION
The AES128 encryption on the disk images is virtually impossible to crack so DO NOT lose the password.
To view the images you double-click the encrypted image file .. it will prompt for password and if correct will mount a disk image with your folder of photos inside in glorious technicolour.
On the iPhone requirement .. as far as I know you're only option here is to put the password lock on the iPhone as it doesn't support opening encrypted disk images.