Yes
The Show Notes section in Cantabile could get close. It cannot follow the lyrics word to word like Karaoke but it can scroll to selected positions at defined time line points to display the desired section of lyrics. I just put the lyrics up in full on a single screen as a jpeg for reminders and bail outs like you described. Also @Torsten makes an application that works in tandem with Cantabile and manages the lyrics and song selection called LivePrompter.