So I downloaded the 1.4 beta and have it installed. Aside from the logout error I posted about here, here are a few features I think would be most beneficial to make this script really great:

1. Ability to have multiple Administrators
2. Ability to allow Administrators upload without having to approve the upload
3. Ability to add a description, creator and creation date to the wallpaper
4. Better Admin control panel with more control over the links section and the front page comments section