Well, it's been two years since my last post in this thread and my ears have improved to the point where I've been able to transcribe what I believe to be a fairly accurate interpretation. So here it is for anyone else who's interested. Any feedback/corrections would be very much appreciated...

          D                        A            D      D7
Well, it's of a bold reporter whose story I will tell
   G                               D                D7
He went down to the Cuban land, the nearest place to hell
    G                                 D                Bm
He'd been there many times before, but now the law does say
    D                   A7         D D7
The only way to Cuba is with the CIA

Chorus:
       G                      D
William Worthy isn't worthy to enter our door
A                           D          D7
Went down to Cuba, he's not American anymore
    G                                 D                Bm
But somehow it is strange to hear the State Department say
       D                               A7                  D
You are living in the free world, in the free world you must stay