Just thinking.... I'm bored...
Here's the code cleaned up a little bit with no spans for spacing and letter-spacing added:
Code:
p {line-height:4; text-indent:0; text-align:left; margin:.5em 0 0;
padding:0; font-size:1em; letter-spacing:3px;
border-bottom:1px solid red}
sub, sup {display:inline-block; font-size:.9em; line-height:1; letter-spacing:0}
p sup {vertical-align: 1.5em; width:2em; margin-right:-2em}
p sub {vertical-align:-1.0em; width:7em; margin-right:-7em}
<p><sup>G7</sup>What you want baby, <sup>F7</sup>I got it</p>
<p>What you<sup>G7</sup> need you know I got it<sup>F7</sup></p>
<p><sup>G7</sup>All I'm askin' is for<sup>F7</sup> a little</p>
<p>Respect<sup>C7</sup> when you <sub>(just a little bit)</sub>come home hey,<sup>F7</sup> <sub>(just a little bit)</sub>baby</p>
<p>When<sup>C7</sup> <sub>(just a little bit)</sub>you come home <sub>(just a little bit)</sub>Mister<sup>F7</sup></p>
With letter spacing looks like: