It's bullshit. It's too fluid, meaning that anyone can shape or fashion their "concept" of God according to their whimsy, fantasies, and/or drug-induced high. Blavatsky was associated with two men by the names of Westcott and Hort. These men also held seances. Westcott and Hort are behind every single "new bible version". Every new version is corrupt.

Regardless of anyone's opinion of King James, he did commission a group of scholars of Greek, Hebrew, and Aramaic languages. This was not a small group but probably had around 10-12 people, maybe more. Each scholar would take a section of the original Hebrew or Greek manuscripts and translate each section WORD FOR WORD. Each then had to pass his translation on to every other scholar until there was unanimous agreement that the translation was accurate.
This is why you will see some words in the KJV in italics. These were added for clarification as the Hebrew language is different than English. I highly recommend this book.