Proper size is (2*width) x Height, so in the Nexus 4's case, a properly sized wallpaper will be 1536x1280 (width x height). The visibility of the navigation bar and status bar don't affect the proportions of the wallpaper - the extra bits of wallpaper are just hidden behind the bars.
If you don't want the wallpaper to scroll and you just want a static 768x1280 image, you can use an app like Image 2 Wallpaper to set that, and just disable wallpaper scrolling in your homescreen launcher.
Edit: Actually, I just did some testing. The wallpaper behavior depends on your homescreen launcher. So with Nova Launcher (what I use) it disregards the navbar when setting wallpaper, and 1536x1280 correct. BUT, if you use the stock Launcher, then it does take off the navigation bar dimensions. That's why the stock wallpapers are 1436x1196 - they work differently than 3rd party launchers. So pretty much: use 1536x1280 for Nova Launcher (and probably Apex too), and 1436x1196 if you use stock launcher.
LG Nexus 4 - 8GB
ROM: AOKP
Kernel: franco.Kernel
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