This is something I've come to really value within Pro Tools and I really believe this would be a fantastic addition to Live. A great video overview by Kenny Gioia may be viewed -->here.
My feature request:
The channel strip recording level shows an audio signal at 0db only if the fader is at 0db. As soon as I bring the fader down, the meter never reaches 0db. This is standard behavior in many DAW's. However, it's common to start with the faders anywhere from -10db to -18db. In Pro Tool's preferences, you can apply an offset, so for example, when the faders are at -10db, the meters still go up to 0db. I still have 10db of headroom to play with.
Please watch the video as Kenny does a great job showing the benefits of working this way.
Share your wishes for the future of Ableton Live
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