Nah. Won't cause copyright issues at all. Problem with your suggestion is the fact that the cover of the album is really white with brick linings. I've been trying to picture how to toss most of that stuff, plus some from the video, and get a picture of how it would look. All I can picture is "it's gonna be white as heck."
I know how to theme a bit but the problem is CM7 consist of continuing nightlies and I don't have any idea if those themers are having to update it each time a nightly rolls out.
MIUI seems like it would take on a theme, even if the update is new and the theme is old. Problem with that, from what I've noticed, is it will attempt to convert the old theme to the newer ROM version and it will end up leaving out parts of the theme and apply in areas where it could convert to (possibly because those areas were not affected by the change in the newer version).
There are quite a few people who would like to seem a different side to themeing. Most of the themes have been color-related. Chromed up. Glass themes. Rainbow color themes (girl themes by Corrinacakes). Android color-related themes. Gingerbread. The list goes on. I see people asking for comic themes. Sports team themes. Movie related themes. Gamer themes and so on. While I don't care for something like that, since I prefer color-related themes, it would be nice to see a different side to themeing and fulfilling those people's request.
You should put down some ideas, here in your thread, of how you think it should look. For example... phone dialer, the number's background would be replaced by The Wall album cover and of course the number on top. Would the phone dialer be transparent? How would the other buttons (Call, Contact, Backspace buttons) look? Recent call list? Contact list? Etc... How would the rest of the theme look (notification, stock sms messages, browser, settings, etc...)?