If you don't otherwise use album art, and name each image "songname.jpg" or "songname.bmp", AND specially code a WPS around it, I think you can do most of this already.
I imagine something like this:
|------moodbar-------|
|-----progress bar----|
Or if you get creative you may be able to overlay the progress bar over the moodbar or something.
I used to use Amarok and was intrigued by the moodbars, but never really got anything out of them. Also, I'm too in love with album art to go without it. It's an interesting idea though.