Although I haven't used this plugin, it sounds like it just displays the lyrics, but doesn't actually synchronize them as we were discussing earlier.
MusicMatch has the ability to display the lyrics as well. It's part of the ID3v2 tag. You can just paste them into the tag editor. Then, if you want to view them, you can either edit the tag again and select the Lyrics tab or open the Now Playing window and clicking the Online button. When you click the online button, this tells the player you're "offline", and it then displays all the tag info (including lyrics) in the now playing window.
Now, as for the SYLT, I'll have to look into that...
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Scott
MKIIa 10GB - 2.0b11 w/Hijack
MKIIa 60GB - 2.0 final w/Hijack