The diversity of workload requirements and increasing hardware heterogeneity in emerging high performance computing (HPC) systems motivate resource disaggregation. Disaggregation separates servers into their constituent compute and memory resources so that they can be allocated as required to each workload. Previous work has shown the potential of intra-rack resource disaggregation, but it is not clear how to realize these gains and cost-effectively meet the stringent bandwidth and latency requirements of HPC applications. To that end, we describe how modern photonic components can be co-designed with modern HPC racks to implement flexible intra-rack resource disaggregation and fully meet the high escape bandwidth of contemporary multi chip module (MCM) packages and all chip types in modern HPC racks with negligible power overhead. We show how to use distributed indirect routing to meet these demands without the need for significant complexity for reconfiguration that spatial optical switches require. We then show that intra-rack resource disaggregation implemented using emerging photonics and parallel optical wavelength-selective switches satisfies bit error rate (BER) and bandwidth constraints and provides an average application speedup of 23.9% for 31 out-of-order CPU and 61.5% for 27 GPU benchmarks compared to a similar system that instead uses modern electronic switches for disaggregation, due to their higher latency. Using observed resource usage from a production system, we estimate that an iso-performance intra-rack disaggregated HPC system using photonics would require 4x fewer memory modules and 2x fewer NICs than a non-disaggregated baseline.