I sincerely doubt it. CD+G is a non Red Book standard CD format. iTunes can burn regular Audio CDs, without CD Text, or data CDs.
As far as I'm aware there's also no standard for adding time synced Karaoke lyrics to ACC files which is the audio format the iTunes store uses. Actually Google suggests Apple might have filed for some patents on implementing synced lyrics a few years ago. I still can't see Apple going to the effort of getting iTunes to burn a specially formated disc to be used in a 3rd party device but a quick glimpse at the iTunes store suggests that if they are selling songs with synced lyrics for Karaoke then the target player is iPhone/iPad apps.
tt2
Message was edited by: turingtest2