When you refer to the "lite" version of DHTML Menu I assume you're referring to the free version. I know nothing about the free version but it appears to be a much older version of the program and the download button only mentions Win 98/Me//XP/Server 2003
In answer to your question about "Tip Text", it is not alt text for images nor is it search engine friendly code. It is explanatory text that can be added to menu items that will be displayed when visitors mouse over the menu item. The following image shows the addition of Tip Text to a menu item:
You can see Tip Text in use by going to http://bestwebmenu.com/
and mousing over the "About" tab.
It is important to include search engine friendly code when you use DHTML Menu, and the paid version of the program includes an option that automatically generates such code from your menu.
BillUnofficial DHTML Menu Resource Site