Does a guided tour in Versailles allow you to skip the wait line?

Yes, there is a separate entrance for tour reservations and since a smaller group is going through that checkpoint, there's no significant delay. You also get to see a few more rooms.

Just to add to what Laura said, some of those "few more rooms" include the Royal Opera (which is not open to the general public), a spectacular "must-see" in my book; Marie Antoinette's afternoon nap room (with more than 600 rooms, of course Versailles has a separate room for nappy time!) and an up-close view of one of the first toilets invented in addition to kings and queens rooms not seen on the normal mass tour. The beautiful thing is the lack of crowds on the guided tour allowing you time to contemplate what you were seeing. Our tour in October ended in the opera house (still a working theater) at which point we were led to the regular public rooms packed with tour groups and such (after making my way through some of these jammed rooms, getting to the Hall of Mirrors was actually a relief to be in an open space!). Highly recommend the guided tour for the small additional price.

Thanks hockmasm and respondents..this sounds like a great idea, and well worth the price in many ways. I never knew this option was available.