Producer

kJams Producer today allows you to open and tweak existing CDG files, or create new CDG files.

Screen Shot

Import graphics: you can import a graphical picture of any size or bit depth, you can resize it, and position it on the screen. You can import as many as you want to compose a frame.
Enter new text: You can enter new text blocks, each block can have a different position, size, font, color. You can have as many blocks as you want to compose a frame.
Mix text and graphics on the same frame.
Optimize Palette: While composed your frame, you can currently slide the graphics around, and watch the palette change, to optimize the palette. When you're satisfied, you can then lock the palette so it will no longer change, then complete the composition. Soon you'll also be able to import / export / directly set the color palette.
Fade out: specify a duration and it will encode a fade out for you, you don't have to manage the palette or the timing yourself.
Change the "screens" at any time, to manually create a slide show or change the text on the screen
Tweak CDG graphic records: use the pencil tool to drag on the "tile" to change the bits in it.
Fully supports Unicode, so you can do: 日本語, العربية, 中國, 한국어, русский, ภาษาไทย or whatever!

parse lyrics from existing files: the "lyrics" you see on the screen are not composed of text, they are composed of little bit-maps, or little graphics, that when composed together seem to humans to form the glyphs that we can interpret as text and words. It's a picture, not text. So you can't just fire up a word processor to edit the text. The plan would be to run the screens thru an "Optical Character Recognition" engine to attempt to recover the text.