What would be the best way to inscribe Elvis lyrics on the drawers of a chest?
With a Jig saw that has the blade adjusted to the proper legnth.
Decoupage. See link or do your own internet search.
Try a woodburning kit
I wouldn't try it with a jigsaw and wood burning sounds like a nice remedy and a really nice touch; but because I do facial portraits on Auto Glass -- This one's for you. -- For this one : You can use a dremmel which offers a detachable 22 inch wand-- it is like holding a thick pen to engrave with.-- Sears tools center has many different attachment tips for dremmels including very fine steel tips for what you are trying to do "Inscribe fine lettering" Sears is where I go for my dremmel needs since I do a lot of portrait engraving on Auto Glass / as well as etching portraits on regular pane glass. You can find Dremmels and dremmel attachment tips pretty much at any Hardware store including Home Depot, Lowe's, and Sears Tool Center.
Before inscribing into the wood do your lettering in your own handwriting like I do just draw guidlines and stay within the lines as you write out each line with the wand. ****Another tool you might consider would be the Rotozip "Google" RotoZip Tool which has a stand up attachment so that you can lower the cutting tip to about 1/8 inch below the surface of the wood drawers the only thing with the Rotozip is that you cannot work on wavy surfaces-- the work surface must be totally flat.