Great song. I truly believe the tune is in 8/4 divided into 3-3-2, reflecting Charlie Marianoís and Eberhard Weberís fascination for Indian music.
I made the tune in Band in a Box, and think 3/4 doesnít cut it. In the B part you suggest 3/4 and 5/4, thatís much closer to what they are doing.
Nevertheless, nice tune, fine transcription.
Oh yeah, if you want the mgu-file (chords and melody for biab) you can find it in my blog, just search seriously deep, :) you can download it for free.
The repeating 3/4 + 5/4 metric pattern in my chart is based on the harmonic rhythm. As you told, it would be more useful to rewrite it as 3/4 + 3/4 + 2/4, which unfolds the metric undercurrent of the tune.