There are a number of metrical versions of the psalms. Where a suitable traditional version is available, I have usually retained it, either as it stands or with some adaptation to try and make it better fit modern English.
I do not personally like mangling familiar hymns in the interests of theological disagreement, political correctness or a feeling that their phraseology is antiquated. I have not normally done this with a version which might still be familiar. I have felt less inhibited about doing so where the version chosen is unlikely to be familiar to a modern congregation in my own country (England), and particularly if the original translation seems to have been wrong.