Short period insertion devices in high energy storage rings have the capability of generating photons with energies up to the MeV range, emerging in well collimated beams. The interaction of these photons with atoms and ions in an electron-beam ion trap (EBIT) can generate highly ionized atomic species (predominantly through inner shell ionization) up to and including H-like U, and can be utilized to measure photoionization as well as bound-bound transition cross sections in all ionic species. Those may serve as benchmark measurements to test of confirm theoretical calculations. This method of ion generation has the additional advantage that photon beams are not limited by space charge effects, do not contribute to ion recombination nor directly to beam heating, and may be used as a diagnostic tool to study ion distribution inside the EBIT. Such a mode of operation could further increase the range of EBIT devices, which have already proven themselves to be powerful and versatile research tools. A systematic procedure is given to find the best match between parameters characterizing the EBIT vs those of the storage ring and undulator. Based on this, the achievable counting rates are calculated for several cases, and are found to be of interest.