Thanks to a couple of recent posts at Mac OS X Hints and Cult of Mac, Change Hidden iTunes Preferences saw a lot of downloads in the past week or two. Unfortunately, I hadn't had time until today to give it an update. An older preference, "Show buttons horizontally", is no longer applicable and a new preference, "Disable 'elastic' scrolling behavior", applicable in Lion, needed to be added. These changes are in the latest version of Change Hidden iTunes Preferences.
Additionally, this version is written as a Cocoa-AppleScript applet and can only be run on OS X 10.6 or better.