Using just ordinary text, this can be tricky because of proportional spacing
issues -- different characters take up different horizontal space. This
makes things very sensitive to minor changes and corrections.
The most tempting solution is the direct method. Use a fixed pitch font,
such as Courier New, for everything. That way, you can match the chord lines
and the lyric lines space for space. Done this way, you simply space over to
where the chord needs to be above the words, and type.
An easier solution, IMO is to use whatever font you want, and then use text
boxes (not set for In line with text) for placing the chords where desired.
The easiest way to apply this approach is--after the first chord text box
has been created--to use Ctrl+drag to make copies of that textbox for
subsequent chords. Make the needed changes for the new chord and color.
Thereafter, each time you need to reuse a particular chord, go back and drag
the existing chord of that type. This can save you some work since you
really need to create one text box. And, once all of the needed chords
exist, they serve as templates for subsequent chords.
If you just want functionality, both approaches work. If you want "pretty",
the 2nd approach works better, since it lets you pretty the chords up with
boxes, shading, etc. If you're going to do this a lot, then you can create a
library of chords for future use, using AutoText or AutoCorrect entries to
speed the process.