FINALLY!
After a lot of work, a lot of time, here is SYLT Lyrics Plugin 1.0 . You can get it there:
http://sites.rapidus.net/gpatrick
You can now tag all your mp3s with timestamped lyrics without having to deal with the bad lyrics3 format.
Don't forget yn0t's
emphatic. The lyrics saved by this plugin can be used directly in your empeg using it: No more conversion needed. (Granted you select SYLT as your favorite format in the plugin's settings.)
I tried to catch all the nasty bugs in previous versions, but just to be sure, Select the option "Make a backup copy", at least for the first few files you edit. After making sure it doesn't destroy your files, you can turn it off again. I've been using it for a few months now and haven't got any problems, but precaution is always good.
Keep me informed about what you think of it. I'm open to suggestions. There are still a few things I'd like to see in this plugin, but I thought it would be enough for a 1.0 version.