I'm not sure if this is what you're asking, but in my Track Information I use Last Played in this way:
Last Played: $If(<Last Played>="Unknown","Never"," "<Last Played>")
Which returns...
Last Played: Never
...when it's never been played, or...
Last Played: 12/31/2017
...if it has (returns whatever date is in the field)
Would <lyrics?> act the same way? If so, you could maybe do...
$If(<lyrics?>="Y [unsynched]","Lyrics","")
...or, probably, if "Y [synched]" is also a thing...
$If(<lyrics?>="","","Lyrics")
If you want to check for the absence of it and return a uniform value if it's present.
A smile is happiness you'll find right under your nose.