Graph codes play an important role in photonic quantum technologies as they provide significant protec-tion against qubit loss, a dominant noise mechanism. Here, we develop methods to analyze and optimize measurement-based tolerance to qubit loss and computational errors for arbitrary graph codes. Using these tools we identify optimized codes with up to 12 qubits and asymptotically large modular constructions. The developed methods enable significant benefits for various photonic quantum technologies, as we illustrate with novel all-photonic quantum repeater states for quantum communication and high-threshold fusion-based schemes for fault-tolerant quantum computing.