They have been doing this since the council of Nicaea in 325. To a greater or lesser extent.
It really annoys the fundies when you argue that their "word of god" is a party political broadcast. Take those Jehovah's Witness nutters, the original text was along the lines of not CONSUMING blood.
Need to find the citation, but I remember reading that there was an uproar over the King James text when it first came out, the papists clicked that the text had been changed to a subtle support for king over church.
The Watchtower Society are some crazy fuckers. I'd like to see if there's any buzz from them on this, but don't care to dig into their shit to find out.
As for the KJV drawing criticism... not surprising. I always thought that raising one particular translation to the status of "Infallible Word Of God" was pretty much idolatry. But folks disagreed with fire back then.
JW's have their own bible, the New Word Translation. To their minds, it is by far the most accurate translation. Granted, the guys that did the translation had no formal training in Hebrew or Greek and there are some seriously questionable translations that seem to be more about confirming their doctrine than having an exact translation. For example, John 1:1 is generally translated to something like "In the beginning the Word was, and the Word was with God and the Word was God." Now, JW"s claim the Word is Jesus, and that Jesus is the Son of God, but not God. So in the NWT they translated John 1:1 as "In the beginning the Word was, and the Word was with God and the Word was
a God." They claim that the Greek includes "an indefinate article a"... but of course every Greek scholar in existence seems to think this is nutty as Jif (or Jiffy) peanut butter. They also translated the scriptures to include "Jehovah" all over the place, where most translations have GOD or LORD (all caps).
The scripture from Isiah, about the Wolf and Lamb is believed by JW's, as literal. Their belief is that in Eden, all God's living creatures were basically vegan until the Flood. After the flood, veggies weren't as awesome as they were before, so God told Noah humans had to start eating animals (but not the blood). They believe that after Armageddon, humans and animals will return to being vegans.
I'm guessing that means sharks are gonna live on seaweed or something...