tell application "iTunes"
set my_track to location of current track
set my_seconds to player position
tell application "QuickTime Player"
set my_movie to last movie
set ts to time scale of my_movie
set current time of my_movie to my_seconds * ts
set rate of last movie to 1.5 -- starts playing
Areas for improvement... set up an on-idle loop to mirror the play position back to itunes automatically.
If you come up with better ideas, let me know.