I agree with you about the lyric change in this case. Especially since “Holy is the Lord” is such a well-known song, and the songwriter is still around to see his lyrical offering used in worship, and the reason for changing the lyric is not to correct or clarify a theological concern, it seems improper, even distracting to change the lyric. Like you said – there are plenty of other songs out there that would suit the need and not require a change.

At my church in Kansas we change the lyrics of at least one song that I know of (“And Can It Be”), but it is an old hymn under public domain, and because of where the change takes place (“Emptied Himself of all but love” becomes “Emptied Himself out of love”, the word Himself picking up the beat for “of”), I have found in leading worship that it is neither obvious nor distracting. Perhaps in cases like this it might be more appropriate.

I once heard an adress by Keith Getty where he shared his perspective about those who change lyrics that his ministry produces. It was pretty interesting, since it came from a songwriter’s heart, and referred to a negative theological change of none other than “In Christ Alone”!

That’s my two-bits. Very interesting topic.