Live view generally gives you half the battery life compared to not using it. So if you can take 500 shots normally, than you should be able to get 250 with live-view but that depends on many factors so it's just a ball-park feature.
I have a K7 and did not notice the issue you mention. I only use genuine Pentax batteries. Actually, the few times I used live view, I got the overheat warning way before the battery-level even diminished by one notch.
Therefore you may have a defective part. Hopefully it is the battery rather than the camera.
- Itai
Neovoyage | Explore, Experience, Expand your horizons | Travel Photography