Wow, I finally get to help someone... kind of...
Well, I agree with you that it would be nice to have this functionality built in, but I also know that it would complicate things, and that it would be difficult to support many different touchpads (every touchpad manufacturer has their own specific drivers).
So there is a solution and it works. I used it myself a few times. The only catch is this: "At the moment only Synaptics touchpads are supported". I hope you have one of those
You need to get this "plugin" called Touchpad2Midi:
http://www.livelab.dk/touchpad2midi.php
But I could not make it work on my machine (Vista) with Ableton Live 7 directly. Maybe I didn't know how, or it just couldn't work that way. So I used this VST host (as the manual of the plugin suggests):
http://www.hermannseib.com/english/savihost.htm
And in that host application you must choose a virtual MIDI OUT port which you will get by installing this:
http://www.marblesound.com/Maple_driver.html
And then in Live you can choose (activate) the appropriate virtual MIDI IN port (click the Remote button next to it). The ports that are named the same are connected, so if in one application you send something to "port 1", you can read it in another app from "port 1".
In the manual for Touchpad2Midi you can read how to actually activate it.
You can map one parameter for enable/disable = button stuff, and two parameters = x and y, for continuous parameters.
For Enable/Disable to work: The appropriate CC number for that action you get when you touch the surface and "untouch", remove the finger from the touchpad. Be sure to put these values in the MIDI mappings: Min = 1, Max = 0 (the defaults are Min = 64, Max = 128, but that does not work).
I hope I was clear. Good luck!