In book I’ve been reading, this guy’s work translating the bible (really he oversaw the work) is discussed. Pretty interesting the interpretations we accept as legitimate.
The problem with Thought for Thought translation is are you translating the text means or what you think the text means.
The problem with word for word translation is that not all language has the same vocabulary (eg. multiple words for “love”), and it has the potential to not read as easily as it should–like the original writings probably did.
To some degree, there is an advantage to not have to stop and say “So, in other words, what it’s saying is…”. I’m pretty sure the churches Paul wrote letters to didn’t have to do that.