A couple of things I've noticed:

I've got one file that causes the plugin to throw "Run-time error '13'. Type mismatch". This file doesn't currently have any lyrics information, but the plugin doesn't like it for whatever reason.

When I select "Snap to Winamp" the window actually snaps itself somewhere offscreen or else goes into invisible mode.

For the life of me, I can't figure out how to get the other modes in the screen shots. Is that just playing with the colors and the window, or is there a way to select those modes specifically?

If I could make one request, it would be for multiple timestamps per line. This would help in the editing, but also help in the playback, to not make one have to scroll so long if a song just has a chorus that's repeated 19 times. To take it one step further, you could give the user the option of displaying the lyrics condensed, where the highlight just keeps flipping around the same repeated lines, or unfold the lyrics to display them as one long list.

Now, I don't know jack about the SYLT format. Maybe it only supports one time stamp per line. In that case, you'd have to get fancy and store the lines seperately, but deduplicate them by comparing every thing after the time stamp when you read them out of the tag. A little work in that case, but still possible.

I only make these suggestions because I think it's already possibly the best lyrics plugin for WinAmp (irrespective of any ties to the empeg), and should be made better because WinAmp has really needed a good lyrics plugin for a long time.