modifying results displayed for Search API Live results module
for(key in matches){
   var endOfUrl = matches[key].search('&gt;')+1;
   var url = matches[key].substring(0,endOfUrl);
   var rest = matches[key].substring(endOfUrl);
   var regex = new RegExp( '(' + searchString + ')', 'gi' );
   bolded= rest.replace( regex, "&lt;b&gt;$1&lt;/b&gt;" );
   matches[key]= url+bolded;
}


right before the line 

db.cache[searchString] = matches;


This bolds all occurrences of the word in the Title and makes sure the bolding goes into the cache for when it's pulled up again.

Another update:
I was able to get my results grouped by content type by installing and enabling Search API grouping and modifying my index's filter (admin/config/search/search_api/index/node_index/workflow) so that under "enabled processors" i checked grouping. 

Once I did that, I also modified my search page so that my view mode was Live Result Search. This gave me access to the node content type in the js file I was modifying so that I could then parse the html string for the node-type and add an element to the live results list that was the content type label. Comment if my JS file interests you.