"Paraphrase" seems to be a four letter word for a lot of people but every translation of anything from one language to another is, by definition, a "paraphrase." If that weren't true there could be no translation of anything at all and the original would have to stay original.
The most obvious "paraphrase" is when the translator has to choose what he thinks is best from several words that seem to mean what he believes the original was trying to convey; sometimes translators miss the mark but rarely so far off to matter much.
Some glaring examples of "error" from the KJV include "thou shalt not kill" - first, there was no royal "thee, thou, thine" in Hebrew and, second, it should have said "thou shalt not commit murder", that one word error, kill vs. murder, may seem small but it makes a massive difference in life application. And the KJV "Holy Ghost" should read "Holy Spirit"; he is NOT a "ghost"! There is much more but that's enough for now.
Old Hebrew writing didn't have vowels, periods, commas, periods, question marks, paragraphs or chapters. The writing ran from right to left and scroll books read from back to front, etc. Try making a perfect word-for-word translation of anything into English from all that! And, even if you could overcome all that, you would still face formatting the original languages into English, our grammar is vastly different. You couldn't translate anything in the Bible if the original grammar wasn't rearranged - aka, paraphrased - so it could make sense in English.
All of that means translations of anything must, of necessity, be a paraphrase of the original language, thus paraphrase is not a dirty word. What matters is not the specific words or sentence construction, it's the original message that matters. I know of no serious Bible translation or so-called paraphrase - including the KJV - that gets the gospel message wrong.
(The proper tolerance of honest translation viewpoints does NOT extend to pretend "translations" such as the Jehovah Witness' diabolical "New Word Translation" and others of that ilk.)