It should be possible to create an MKV file like this but I don't know what media player support is like. If it doesn't work then I guess you're stuck with the

It should be possible to create an MKV file like this but I don't know what media player support is like. If it doesn't work then I guess you're stuck with the stupidly common dummy video thing (where the video content is just black or a single image like the album cover). I seem to remember old iPods having a feature where you could switch to the lyrics but it wasn't in time with the song.