This is a format I've been using to type up songs. Bold letters indicate where the chord changes. You could use underlines also. Here is an example:

NOBODY KNOWS YOU WHEN YOU'RE DOWN AND OUT - (Jimmy Cox)

Once I lived the life of a millionaire (C-E7-A7)
Spending my money, with never a care (Dm-A7-Dm-A7-Dm)
Takin' all my friends out for a mighty good time (F-B7-C-A7)
Drinkin' high-priced liquor, champagne and wine; (D7-G7)

Then I began to fall so low; (C-E7-A7)
Didn't have a friend, and no place to go (Dm-A7-Dm-A7-Dm)
If I ever get my hands on a dollar again (F-B7-C-A7)
I'm gonna squeeze it, until the eagle grins, cause (D7-G7-C)

Nobody knows you when you're down and out.(C-E7-A7-Dm-A7-Dm)
In your pocket, not one penny (F-B7-C-A7)
And your friends you find you haven't any. (D7-G7)

But as soon as you get back on your feet again (C-E7-A7)
Everybody wants to be your long-lost friend (Dm-A7-Dm-A7-Dm)
It's mighty strange, without a doubt (F-B7-C-A7)
Nobody knows you when you're down and out.(D7-G7-C)

This involves more HTML coding to set off the bold, but it's not too much more complicated than putting the line breaks in. I don't know whether people would find this less intrusive than embedding the chords right in the line.