Live CD could be usefull when you need a emergency disk to recover your data or troubleshooting. We actually had problem on doing this lab, since it check SeLinux when we tried to make live cd image. Since the computers in our lab has a special hardware controller card. A lot of people would disable SELinux and make the live CD. But instead, I change the entry in kickstart file to disable SELinux, I found this easier to finish the lab.
Of course this is not the best way, since you may lost some security protection when booting your live cd. But, if you only use it for trouble shooting instead of daily use. It would recommand it if you have simular situations.