It is kinda hard to separate the book from the words contained in it. I guess the question is: what does the bible represent to us? The possibility is that we can hold the scripture as being God to us. Because we have this gift from Him, so easily obtained and read, that we might learn to lean upon and rely upon the scripture in place of the Lord. I am afraid that this is much more of a problem than we realize. I believe that Paul understood this danger, and took pains in his walk to make sure that it did not cause him trouble. He went so far as to tell those he was writing that when we came among them, he had determined to know nothing but Jesus Christ, and Him crucified. He was schooled in the scriptures before his conversion, being in training as a Pharisee, and after meeting Jesus he counted all of his training as waste.
Lets see what the word of God has to say about His Word. John 1:1 In the beginning was the Word, and the Word was with God, and the Word was God. This would indicate that the Word is significantly more than a literary work or chronology of events, but the Word is God. In John 1:14 ... The Word became flesh and made his dwelling among us .., once again depicting Jesus as being tantamount to the word of God. Finally, we have Jesus declaring that His Word provides sustaining power, Matthew 4:4 ... 'Man does not live on bread alone, but on every word that comes from the mouth of God.' , and we know, of course, that all scripture was inspired by God, and therefore, even with bad translation, still originally came from the mouth of God.
The average believer does not know the contents of the bible without first reading or hearing it. It is inscribed on our hearts once we have heard it, believed it, and understood it. Without understanding, it is stolen from us or becomes useless intellectual information. Matthew 13:19 ... When anyone hears the message about the kingdom and does not understand it, the evil one comes and snatches away what was sown in his heart.
Even those who receive a message from an angel or a prophet do not receive an immediate inscription of the word of God upon their hearts. Faith itself is dependent on the Word of God, Romans 10:17 ... So then faith comes by hearing, and hearing by the word of God.
Paul did not abandon his knowledge of the Law, nor did he consider it waste. He did, however, consider all 'things' as loss. Whatever he had gained in this world he counted them as nothing compared to the richness of the knowledge of Christ. Philippians 3:7 ... But whatever was to my profit I now consider loss for the sake of Christ. What is more, I consider everything a loss compared to the surpassing greatness of knowing Christ Jesus my Lord, for whose sake I have lost all things. Paul's knowledge of the Law was a strength to him in the days following his conversion. He did not use the law unlawfully, but rather as a way of defining sin. Romans 7:7 ... I would not have known what sin was except through the law. For I would not have known what coveting really was if the law had not said, "Do not covet."
Paul's training equipped him to conduct a clear comparison between the Old and New Testaments, giving him an extraordinary ability to reveal to his people, how Christ Jesus was the long anticipated Messiah through his remembrance of the writings of the prophets.
Had you said that reading the word for a set period of time each day at exactly the same time each day could become religious obligation, I might have agreed, but I sincerely believe that it is a near impossibility for scripture to become an idol. It is more likely to become a decorative piece or something used for an outward show in place of witnessing ones faith, but never an idol.
Psalm 138:2
I will worship toward your holy temple, and praise your name for your loving kindness and for your truth: for you have magnified your word above all your name.