This is actually a post from my old blog that I've ported over to Medium as part of the "Student Resource Library" I'm building over there this summer. Check it out!
That's pretty similar to how I do it too... as not to be flipping page after page after page.
If I need to learn the lyrics too, I'll put the chords on the words for the first time for each verse or chorus but not every time (takes up too much space).
If it's one I know the words a little better, or am doing a mashup where I just need to note the transitions, it will look almost exactly like your notes, with each section containing the first couple words from that verse or that chorus and then just .....
Like Feelin' Alright would be:
Cm7.... Seems I got to have... Fm7
Every Night...
Imprisoned by...
Left here ...
I've Got to Leave...
Won't Someone lock...
Feelin' All Right
And I often use bolds for chords or key words on the beat.... and I save italics for bridges, spoken parts, or sometimes the other vocalists part (for when he's not there and I need to remember the entire Fresh Prince of Bel Air Rap. )