Haven’t used this yet so not 100% on how to set it up with Live. However I have successfully used the Analog Four Max4Live device successfully. There is a setup guide for that in the first post of this thread:
http://www.elektronauts.com/t/editor-for-analog-four/689
The set up on the machinedrum side of things may be a little different. But the Live/Max4Live set up should be similar enough.