Such a thing already exists as a JS script which you add to a WSH Panel Mod panel.
having a native auto-cycling artwork viewing panel which has context menu and mouse options would be a KILLER FEATURE for foobar2000.
I think foo_uie_albumart already has all the needed features. Unfortunately it's no longer developed (and a bit unstable, although I still use it). But sources are available, so maybe some coder will resurrect it eventually.
Also, read this forum thread. <<<<<< Try using the original script first; it works better IMHO.
I was playing around with this and I can't seem to make it change background colors (item F2 in properties I believe). I simply want black instead of white - any tips?