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Already exists. Go to the Tournaments page, click Live Tournaments and there you can search the events. As long as you know the time control you should be able to find it.
The site does have a Live analysis feature. I'm not 100% sure it is on v3 yet, but I imagine it is.
First off, I love chess.com... you guys do a fine job. Here are some ideas that you might consider...
1. Since I am not a master lv player but, I do love the game, to me the game works best when its like a chess club, and by that I mean a Community of players. When I play a lot of tournament chess in Colorado, I loved to go to events and play fun chess and get to see my friends. My suggestion is, make it more of a community, and encourage players to hang out a bit after the game and maybe go thought the game they just played, post mortem... and in that vain, have a program that can generate a cross table of tournaments that are played so you can go back and see some of the games in the event that you just played.
Also, I wish that there were a way to show ideas on the board like drawing arrows and other graphics so when you are going over a game in Analysis Mode that you use that. I also use Chess.com in the class room, in my high school chess club. it would be nice to know what you think... thank you for your time and a great chess site.