As Wyn mentioned below, it looks like it's down to the Heat and Our Beloved Puppies.
This should be a no-brainer. Sign. Him. Now.
Guys like Blake Ahearn, Chris Richard, and Pooh Jeter are dime-a-dozen talents that can be picked up in a pinch during the season should a honest-to-god need for a 15th player arise. Hell, isn't that what the Skyforce is for?
Guarantee Mr. Livingston a 1 or 2 year deal and do it now. It's all up-side. If he can play, you just landed yourself a free lotto pick. If he can't...well, you sure as hell made a better play for success than keeping guys like Richard around. For example, what is Kris Lang doing these days?