A friend of mine wanted to get LiveType to work on Lion and he told me he did manage it.
I am pretty sure it was FCP6 on Lion 10.7.1
First you must install Rosetta which I am pretty sure is a seperate app on the Snow Leopard install disk.
One you have Rosetta then you can install FCP6 on Lion.
Apparently he installed FCP6 Live Type and Cinema tools and while not really totally testing it out said FCP seemed to run OK but Cinema Tools crashed a lot.
So possibly a mixed result I certainly wouldnt be suprised if other things did run smoothly but it seems it can be done.