JohnInKansas: Yup, the "pre" tag should do exactly what you describe. I'm not aware of that one being deprecated, but then I haven't used it for years...
...Yes, it works fine.
C F G
@ McGrath of Harlow
You might need to play around with where you break the lines to get exactly the right result.
IMHO, this is probably one of the best ways to get lyrics and chords to line up. Personally the superscript option doesn't do as well for me as it's not so easy to cope with chord changes in the middle of words etc.