This is hugely dependent on whether the camera supports clean HDMI output - that is, without overlays. My Canon camera for example insists on showing a focus square over HDMI no matter what, and it is impossible to disable.
Unfortunately there is no port of ML to my specific model. I did some porting work myself by running the camera firmware in QEMU, but to be able to run it on hardware I apparently needed some signing key that only the Magic Lantern lead dev has. By the time I was doing all of this he was busy with real world stuff so ultimately I just borrowed a friend's Nikon camera.