Version, yes. I'd assume that those are the things that would be annotated in the lrc file. As for what it was encoded with? I don't think that would make any difference -- lyrics that start at the two minute mark are going to start at the two minute mark whether the song is in .WAV or .mp3, or if it was encoded at 128 or 256.

The padding with silence is the only real issue I can think of. All I can think to say to that is... since when have you ever *not* had to fix errors in some music related bit of info downloaded off the 'net?