I don't believe there is currently an automated way to do this, but you're right, having a way to automatically embed lyrics(if found) in bulk AND as the tracks are played would be great! Also it would be nice to have a way to overwrite album art in bulk(in addition to the current "add missing art") ". I organized my music into folders by artist but not by albums but since the default setting for album art is "folder.jpg" even though I changed it to use "<album artist> - <album><.ext>" to save art MB still grabs the old art from "Folder.jpg" before even considering the new files. Meaning that each artist has only one active album art instead of one per album.
Respectfully,
Cros