"Is there any value then for the Latter-day Saint in using modern English translations? 

Although the Church prefers to continue with the KJV for its English-speaking members, we should not assume that the many other translations are not useful. They oftentimes explain passages that are difficult to understand. In cases of confusing phrases and archaic words, readers can quickly compare the verses with those in other translations. In addition, comparing many different translations will often expand one’s understanding of a particular verse."

The Ensign, June 1986

https://www.lds.org/ensign/1987/06/i-have-a-question?lang=eng