[perdix1975]

Mike, thanks for the reply!

I thought that two great letters to test the spacing is E and p, and after applying this text:
[E]
[E]
[p]
[E][E]
[E]p
E
E
[E]
[E]
[p]
[E]
E
p
[E]E
[p]E
[E]
[p]
[E]

What I got is shown in the png attached.

My settings are:
Font: Sans Serif
Lyric Size: 22
Chord Size: 14
Line Spacing: 0.1

Here the gaps are clearly shown, and for me they all are redundant.
A bit negative spacing might be a great idea for condensing a bit more the song's overall height! 
I believe another setting might be very helpful, "Spacing between Lyrics and their Chords". Now here, a negative spacing would definitely be useful, since low case letters like "p" are never used in chords, and the space saved for the lower part of "p" is completely redundant.
I hope I am making sense...
I am sure you can improve the program so we can make a more compact, yet readable presentation of the songs.
Keep up the good work!

Spyros