My friend's rockabilly band does several hundred songs and doesn't practice much....the singer has a giant notebook with lyrics sheets to his right behind the speaker on a music stand. If he needs to, he'll flip to a page and glance at the lyrics-a glance is usually all he needs..
However, reading off the sheet the whole song just looks, errrrrrr ......

. If you have to read the whole song, you don't know it well enough to play it out.
In my group we don't play it if the singer doesn't know it... and if there's a singer brain fart I get to play human teleprompter

. I have a better memory for lyrics than I do bass lines

and it'll come in handy sometimes. Oh, and if you get stuck and forget a verse you can repeat a different one and chances are only the band will notice...
My *very own* set list has markings to remind me of things I forget easily-like keys or whether a song is up/down from the original (cover band and we change the keys to fit the singer). No reason you couldn't do a set list and then put the first line under the song name-I bet if you saw the first line the rest would come to you.
That and playing the songs constantly around you.... shuffle them on your ipod...play them on the computer while you're net surfing....your brain hears them even if you're not actually listening and it'll help.