I don't know any way to do this using itunes.
However, quicktime supports this quite nicely.
Of course, most (all?) commercial audio books cannot be played in
quicktime, so I realize that doesn't help much.
I do sometimes use audio hijack to make an itunes book into some
other format I can load into quicktime, just so I can use the faster
playback.
It works well, and allows me to finish audio books *much* faster than
itunes would otherwise allow.
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