Have you thought about using music software for this task? chord notation + lyrics is not that unusual a feature, and it could be easier than trying to position lots of individual graphics in a Word document.

My personal favourite (by a long way) is mup, though I realise not everyone will be happy writing plain text files to produce sheet music. Other accessible options include Muse Score and Noteflight.

I'll try and post URLs once the forum/IE has stopped crashing …