There is a program called Wallpaper engine that allows you to make dynamic desktop wallpapers. I have it setup to run on a secondary external monitor which I have plugged into my PC via USB. In it's default state the wallpaper looks like this:
This wallpaper is composed of five layers: a background image, three empty text boxes positioned on top of a vinyl record label, and a blank black vinyl record sleeve. There is a MediaPropertiesListener function running which is setup to detect media playing in MusicBee. When a song is played, the function retrieves the album artwork, album artist, album name, and song title. Then the black vinyl record is replaced by the artwork of the currently playing song, and the empty text boxes are filled with the corresponding song information.
I really do like this as I miss looking at album artwork since moving from physical to digital media, and I generally run Musicbee minimized as need to have multiple applications, windows and terminals open for my work.
Back in the old days, when i was using Winamp, i've done something somehow similar, by combining Rainmeter and CDArtDisplay.
But instead of album cover it was artists pictures.
If i remember properly, the progress bar, artist tag, track title tag, genre tag, lyrics and static graphical elements were displayed with Rainmeter.
Nowadays, i still use Rainmeter to decorate with black shapes and computer monitoring, + regular wallpapers behind all of this; then i just run Musicbee in compact mode on top of it all to display all the track related elements and artists pictures.
Like you, it's displayed on a secondary screen, but it's not a screen used only for this, i use it also to work and can cover Musicbee with other windows.