I got to thinking about it, and the node structure is very similar to a thread. The most labor-intensive part of it is coming up with a view framework that allows for continuous updates without refreshing the page. I guess that would be flash, but maybe it's possible with ajax or something else. I'm not sure.
I'm also trying to get my head around how we'd package it. Right now, we're embedding some iframes and flash objects (hard coded sometimes) into a wordpress page. I haven't come up with a tidy way of doing that in XF... except maybe to embed the liveblog node object into an XF page manually... or maybe make heavy use of something like Waindigo's Custom Fields.
I have some cash to put toward development costs, but probably not enough. My goal here is to determine what the ideal project requirements are and to help fund the development.