From my experience they don't really impact battery life much unless you keep the screen on and stare at them. If properly written, they should only run when the screen is on and you are on your home screen. When the screen is off they should use almost no battery.
OP, there are two things to look for with wallpapers (and any other app). First, read the reviews. Of a BUNCH of people say that it's hitting their battery hard, it's a safe assumption it'll drain yours too. Second is by personal experience. Throw a LWP on your phone for a few days and watch how your battery behaves. What have you got to lose?
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