Hi there, actually there is no real similar tool for that, and mylivecd is also pretty unique. Only thing I remember that comes close is remastersys, but that's dead upstream. There's a fork called remaster, but I didn't follow development of that.
See also
viewtopic.php?f=8&t=2068 and the links there for some more information. Only thing that you can do is customize the premade live media, or create your own live media from scratch using draklive.
The only thing we have packaged that allows to convert your running system to a real live system is mklivecd, which is a pretty standard tool available for nearly all distributions. But AFAIR it's commandline-only.
You could try to use mylivecd, but supposedly it might need a few adaptions, but who knows?
Did you try it yet?