This question has been flagged as irrelevant so I guess this has no real worth to anyone so I tried removing the question but the system won't let me so I am now truncating the content of this post ;)
I think you need to run the actual numbers for both scenarios:
It^s mostly an economics question, there is no general yes/no answer. When in doubt, I'd probably go with storing them since it's a computation intensive tasks and it's not very efficient to do it over and over again. You could also do a hybrid solution like generate a thumbnail on the fly when it is first requested, then cache it until it wasn't used for certain a number of days.
TL;DR: number of inodes is probably your least concern.