Presumably you want moving text, visible on screen at roughly the same time as those words are heard from the music video? As in karaoke?
Have you tried the animation features for that in MEP 17's Title Editor? You can move the text either horizontally along the bottom or top, or vertically, up or down at one side.
But the speed of the animation will depend significantly on the music's pace of delivery and the pauses between song phrases.
If you choose static text, then I'm not clear what you mean by one text track? You'd simply prepare it all in your text editor, one line per clip, and then cut each line successively and paste into text objects corresponding to your chosen video sections.
Perhaps you could provide more detail of how you're adding the lyrics at present and what you want to achieve.
The technique you use will depend on what you want to achieve and will vary in complexity.
A method, which I used for a German class, is to have the text static and move a coloured overlay to highlight the text with each line is easier this is a section of the final video.