I disabled your module after working with it, to work on my own, and I clicked on edit for a live_event node and I get an error from drupal saying that form.inc can't find the live_event_node_form function (which won't because livecoverage module is disabled).

I'm not sure how to handle this, you could look at CCK and see how they handle disabling the module and how node_types created with it will react. Obviously there isn't much in ways of code you can do to provide a better UI, however it might bring to light that you could create another mechanism saying 'these are the nodes i that are live' and instead of providing a _node_form, you could node_alter them.

The module correctly removes those nodes upon uninstall.