I just made this using the UOT Kitchen and it works fine on my Orange San Francisco II on CM7 but obviously I'm not liable for any problems you have, just do a backup just in case, better safe than sorry!
You will need a transparent status bar supporting launcher (ADWLauncher Ex for example as it gives you the 'Wallpaper hack' option) or you can use any other launcher with the Multilive Picture Live Wallpaper application. You will also need a CM7 Theme that actually uses a transparent status bar.
This will only work on CM7 due to the fact I used the framework-res and systemui from CM7. Do a backup just in case it doesnt work for you.
I don't see why it won't work but if it doesn't then I shall remove this from the forum, it worked for me with no issues.
Download from my Google Drive-
Hope this helps somebody.
I'll upload screenshots in a moment.
Here you go;
screenshot-1346016373915.png 208.06KB 9 downloads
Edited by CurtisAndroidSF2, 26 August 2012 - 09:43 PM.