Yeah, Im dying to know if it's possible to reverse engineer a Live Photo/Wallpaper. I read somewhere that they are made of JPG and MOV files. Eventually someone will write a script that can recompile JPG's and MOV's into a Live Photo or something like that.
I would love to make some from my own graphic animations or even a short movie clip (Scarlet Jo nakedly walking backwards in Under The Skin would make a great lock screen wallpaper).