Personally, I would set it up like I set up this Song “The King of Love My Shepherd Is” - MusicBrainz. Separate works for lyrics and tune, then a work for the combined version.
I tried to start a conversation on this subject once without a ton of success Setting up works with individual tunes and lyrics - MusicBrainz / Style - MetaBrainz Community Discourse. My ideal solution would be to have lyric works and tune works that could be linked into a combined song work. That combined work would then pull composer and lyricist credits from the linked works. Not sure how viable that would be as a solution though.