There's no need for that functionality either - the Mac OS X boot disc handles this need for Mac users. I don't know much about the deployment toolkit, though - what I do know is that it's not available to the general public.
Use either the Mac OS X CDs that came with the hardware or get a retail box Mac OS X. Either will be able to boot the Mac, have disk utilities and can do things like reinstall Mac OS X, reset the 'root' password and even password protect the boot sequence to prevent "rogue" booting.
I knew the fact I neglected to mention optical media in particular would be an issue. The OS X install disc is an example of an OS X "live CD" and if you want other functionality on it burn your own compilation of utilities.
PE is different from Windows because it is able to boot from USB/CD-ROM and is not tied to the hardware through some acitvation scheme. Linux and Mac OS X don't need that because the OS does not have those artificial limitations.
The OS X install CD (OEM or retail) is usually all the "live CD" you need, but you also have the complete flexibility of using something like CCC or SuperDuper to make a full bootable clone of your working system drive to an external that you can boot off in a pinch. (You can also use CCC/SD to image to file in a way like Acronis/Ghost). You can use that to restore.
Note too that most FireWire enabled Macs have another great restore and repair feature. Target Mode. If you boot a system in Target mode and attach it to another working Mac via Firewire, you can access the HDD of the target mode Mac as if it was an external FW drive. Giving you a more flexible way to do the kind of things you might do with a "live CD".