Are there any plans to upgrade it?
Being able to use theme-it with live view would open the product up to a whole new community of web developers.
Also, is there a demo of theme-it? I might try a workaround. It's possible to save a rendered page from a browser and load that into Dreamweaver. All the image and CSS links would still apply. It might then be possible to theme the output of a Drupal site that way.