Close enough to sue?

Of course, without having heard the two songs, it's difficult to give you precise advice, but from your description, I'd say stay away from it. Use the lyrics for something else if you want, but drop the song altogether. Better to be safe than sorry.

Hi Matt.
I tend to agree with 99.999% of what AJ says, or can atleast see his point. However, I'll have to argue this one.

There's nothing new under the sun. Everything has been done before. Sorta.

Let's begin with your Lyrics. You say that the words are different. We don't have a problem there.

Now, on to the chord changes. Even if they are in the Same key, with the same tempo... I still don't see a problem. We only have A thru G to work with.
You may be too young to recall these two tunes, but I'll use this as an example, anyway. Back in the 1970's, Lynyrd Skynyrd and The Marshall Tucker Band both had Hits with Sweet Home Alabama and Can't You See. Both songs used the D-C-G progression and a VERY close tempo. What differentiated these two songs was the Picking/Riff of each. The Melody.
If you play Sweet Home Alabama in Bb, it's still Alabama. You didn't write new music. Expect a suit.

You may remember this, though. A few years ago, Vanilla Ice was sued over the Bass Riff in the song Ice, Ice Baby. It was TOO close to the Bass Riff in a song by (? I forget. the Police? Queen?) another band. That's a BIG 'NO-NO', even if it's unintentional.

Here is what I would suggest, since you say it is a Local band.
Do you know any of the members? If not, go see them play. Introduce yourself (to the Singer or obvious Leader) during a break. Tell them that you're a fan and aspiring writer. Express your worries.
Don't try to hand them your song. If they are concerned, they'll ask more questions. Most 'Local' bands love to hear that thier music is known.
In this case, I expect you'll be asked for your song. To atleast sing a few lines and hum some melody.

If they don't like it, tuck your tail between your legs and limp away. It's doubtful, though, that will happen.
If they DO like it...OH, MAN! No telling where it may lead.
Co-writing. Girls. Fine cigars.  ;)

Now, it just comes down to YOU. If you don't feel right about it; start over. You have a good conscience and a fair heart.
If you want to gamble; go for it. Do they have the money for an attorney? Is your song similar but better? Do they even care?

Best Wishes, Matt.

Preston

Hi Matt.
.

You may remember this, though. A few years ago, Vanilla Ice was sued over the Bass Riff in the song Ice, Ice Baby. It was TOO close to the Bass Riff in a song by (? I forget. the Police? Queen?) another band. That's a BIG 'NO-NO', even if it's unintentional.

Best Wishes, Matt.

Preston

hey Preston that riff he got nailed for was from Under Pressure.  (Queen/Bowie) collaboration. If memory serves. it wasn't just close, it was the exact same riff at a different tempo.

That's right and what was fun with this one was that Queen, Bowie and Vanilla Ice were all on the same label... Somebody didn't do their job.

But also don't forget the case of George Harrison with My Sweet Lord (details are in this article: https://www.guitarnoise.com/article.php?id=107 ). He did admit to stealing the song even though unintentionally and the chords are not identical to the orginal. However, if you heard the original without paying attention to the lyrics, you'd think it's My Sweet Lord.

All in all, the previous advice given by Preston is good. What it all boils down to is:

1-Will they sue?
2-What will a judge (who probably knows nothing about music) think of it?

Same label? Cool, I  learn something new everyday.

That's just ironic enough to be funny as hell.  ;D