In this paper we present an exploration of central coordination as a way of managing P2P live streaming overlays. The main point is to show the elements needed to construct a system with that approach. A key element in the feasibility of this approach is a near real-time optimization engine for peer selection. Peer organization in a way that enables high bandwidth utilization plus optimized peer selection based on multiple utility factors make it possible to achieve large source bandwidth savings and provide high quality of user experience. The benefits of our approach are also seen most when NAT constraints come into play.