@GoLigh, @Carl,
You can set the main area size, font size or line spacing in the themes wizard so that only 5 lines fit in the allocated space. If there are any more lines they will be automatically split over two or more slides.
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@Carl I did a little bit of work on the OpenLyrics importer. If I remember correctly if a song has more than one verse 1 it should export it to the OpenSong format using V1a, V1b and so on. When importing the songs back in to OpenLP the letters should be dropped and you should be left with two separate V1.