Oooh, I like the idea.
The zero-config is possible, but much more difficult with a no data storage requirement (i.e., LiveCD). Is the intent to make it easy for anyone to set-up a single machine for repeated mining, or to start mining an any machine one and only one time?
Easiest way is a LiveUSB and installing a new partition. MMC could maintain shell scripts to autoinstall / configure everything else. After first install, machine would auto-start into mining.
Or, you could actually install onto a USB instead of HD (and instead of just a LiveUSB). But an OS on a USB is sloooow...but, some minimal / custom distros like centOS or BAMT may fix that.
Would a LiveCD run into any memory / speed issues?