A recent hint described how to disable elastic scrolling in many Lion applications. You can disable this effect in iTunes alone by setting the hidden preference "disable-elastic-scrolling".
To turn off elastic scrolling in iTunes, enter this in Terminal:
defaults write com.apple.iTunes disable-elastic-scroll -bool YES
To turn it back on:
defaults write com.apple.iTunes disable-elastic-scroll -bool NO
To delete the preference:
defaults delete com.apple.iTunes disable-elastic-scroll
I have included this option in the latest version of my AppleScript Change Hidden iTunes Preferences.
Mac OS X Hints
http://hints.macworld.com/article.php?story=20120606090253369