Rename a Track in iTunes from the Keyboard

Press Up or Down Arrow to go to the track in iTunes.

Press and hold Command and press Return.   

 Command is the Cloverleaf ⌘ or  Apple key.

The Track Name will now highlight and become ready to edit as shown:
Press Command Return to Rename a Track in iTunes from the Keyboard

Enter the text of the title.  Here the Title of the track is Amen.

Renaming a track from the keyboard

Finally, press Return.  

Press Return to commit the renaming of the track

Press Down Arrow to move on to the next track, or Up Arrow to move to the previous track.

If you have made an error, just press Command Return  again to edit the track name once more.

Apple has quite a list of keyboard commands for iTunes at:
http://www.apple.com/itunes/how-to/shortcuts.html

including useful things like Prevent iPod from automatically updating when you connect it to your computer.