Hi tgc, I also looked into integrating (even volunteering into development), but then I realized I know nothing about launchpad projects, and I have to learn python too (though it wouldn't be that hard, still...), so I delayed my efforts a little, having the working setup being enough for my sessions.
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However, if things do get serious, then I would have a few ideas that I consider worth looking into before it gets implemented.
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The chords (notation) depend on the scale of a song. I tried to smooth out as much as possible with notesPreferred, but in order to have it 100% accurate, every song needs a scale property. (ex. if a song is played in F (1 flat), then the 4 is Bb (or B in german) and not A#, also if played in D (2 sharps) then the 3minor is F#m instead of Gbm). This cannot be determined by any algorithm, it needs the scale property.
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I created a Chord entering helper script in AutoIt3, and even with it I find entering the chords not easy :) I know, professional work is hard work, but I think that this hard work can be prevented with a proper chord editor, as a second layer above the lyrics editor. Although this might look like further away in integration, might as well be the first step... I can attach the compiled OpenLPChordHelper(.exe) file if anyone needs it, with usage documentation of course :)
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Also if you have an easy to follow documentation on how to set up a working OpenLP development environment, with Python versions, editors, or any other tools you use, I would be more than grateful to be involved in deeper levels.