This took me way longer than expected, but it’s done for now (until someone inevitably finds a bug).
Anyone with test files and/or a current backup of your files: Feel free to try my script lyrict to test, embed or extract synced and unsynced lyrics from and to LYRICS, UNSYNCEDLYRICS, SYLT, USLT tags/frames and .lrc/.txt files. 
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Just adding my support for word-synced lyrics!
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Need this feature, and here’s the enhanced lrc files I found.