So what do you think, would it be a nice workaround if I would use an ethernet splitter plugged into the Live Hub?
One ethernet port would then be cabled to the Livewire for LAN connectivity; the second one would host a Netgear WNCE2001 for wireless sharing.
I think you’re making it more complicated than it needs to be.
You’d have a Livewire unit plugged into the Live Hub. The other Livewire would be plugged into the Router.
Any device that connects to your router should be able to see and connect to the Live Hub (assuming your router supports wired and wireless connections).