Rather than making a lengthy function that essentially runs twice (once as width, once as height) I came up with a helpful function that uses variable variables to set a maximum height/width. Hope someone finds this helpful.

function scaleimage($location, $maxw=NULL, $maxh=NULL){
    $img = @getimagesize($location);
    if($img){
        $w = $img[0];
        $h = $img[1];

        $dim = array('w','h');
        foreach($dim AS $val){
            $max = "max{$val}";
            if(${$val} > ${$max} && ${$max}){
                $alt = ($val == 'w') ? 'h' : 'w';
                $ratio = ${$alt} / ${$val};
                ${$val} = ${$max};
                ${$alt} = ${$val} * $ratio;
            }
        }

        return("<img src='{$location}' alt='image' width='{$w}' height='{$h}' />");
    }
}