AISI, some things to watch out for with the Living Bible. As an interpretive paraphrase, I would think it much more open to the paraphraser's subjective interpretation of the meaning of Scripture and its individual passages. If the paraphraser is not Orthodox--in this case, the paraphraser, Kenneth Taylor, was Baptist (http://www.bible-researcher.com/lbp.html)--then
the final product is much more likely to be influenced by heterodox paradigms and doctrines than even a stricter heterodox translation like the NIV. There's also the problem of sole interpretation. If only one person works on the project of creating this paraphrase, who else is there to hold him accountable to correct doctrine, or even to proper scholarship?
For these reasons, I personally recommend that Orthodox Christians not use a paraphrase such as the Living Bible for any purposes and stick to more trusted translations such as the RSV or those used in the Orthodox Study Bible.