gb, you are right. When I was young I would read the "Good News for Modern Man" New Testament. When the Living Bible came out, it was a rage, for a while. Our pastor warned us to realize that it was a paraphrase, but he told us kids (teenagers) that it should be good enough to get us interested in the Bible. Just be sure and check out things in a real translation.
Today I still have a 4 version parallel. KJV, NASB, NIV and Living Bible. I catch myself gravitating toward the Living Bible just to get a flavor for what I am reading. Then I will read a translation and see what it says. The interesting part, there are a few issues with the Living Bible, but surprisingly, it does not get too far out of line, not considering it is one person's "opinion" and not a true translation.
I wouldn't use it as my study Bible, but like you, it got me to reading scripture. When I got older I graduated to more difficult translations. I don't think the Living Bible or the Good News for Modern Man did me any harm. We were warned where most of the problems were by our pastor.
He had studied both and knew where most of the doctrinal issues were. Thank you for pastors who will take the time to do this.