The issue is that of upholding and maintaining the integrity of the original language text. This is why translation is such a serious matter. Paraphrased versions do not do this no matter what claims they may make.
Out of curiosity, though.... do you think that a person could really go dangerously off-base if all they read was a moderately paraphrased version? Most of those types of versions I've read seem to get across the truth of scripture, even though they are not "accurate", word for word?
...to use Willie's example.... even though the original text meant that a person is to love their family less than God, isn't the overall point pretty much the same? Unless, of course, the reader took the statement literally.... "sorry folks, I gotta abandon you all completely, in order to be a believer".... but I think that most people would realize what the writer was trying to get across, which is "make God FIRST in your life... everything/everybody else comes after Him"...