Yes you can create links in titles. If you are using ‘Title from Alt’ the you can give the linking image an Alt text like
<a href='http://my.link.ed/page/'>read more</a>
If you find that using single quotes (‘) does not work, then try double quotes (“) or even without quotes.
To place the title above the frame, you will have to figure out what CSS rules would do the trick. Install Jetpack and activate the Custom CSS feature then try the following rule on the Edit CSS admin page.