Hmm, fretting with two fingers in standard tuning isn't too hard if you mute and omit a few strings --

G = 3 x 0 0 0 3
B = x x 4 4 3 x (cover two strings at fret 4 with one finger)
C = 0 x 5 5 5 0
A = 0 0 2 2 2 0
D = x 0 0 2 3 x
(G)Puff the Magic(B)Dragon(C)lived by the(G)sea,
And(C)frolicked in the(G)autumn mist in a(A)land called Hona(D)lee…
Not ideal, but serviceable.

How about one finger? A thread on Jimmy Driftwood's "Long Chain On" has been sharing the page with this thread. Instead of Em and Am play 1-5 two note power chords, neither major or minor –

E = 0 2 2 x 0 0 (cover two strings with one finger)
A = 0 0 2 2 x 0
(E)Last night as I(A)lay on my(E)pillow,
(A)Moonlight as bright as the(E) dawn…

Maybe dress up the chorus by changing to
E = 0 14 14 x 0 0
A = 0 0 14 14 x 0
Lean on the bass E a bit and its sounds pretty cool.
- Phil