You know the first English Bible was not the KJV. Before that was the Geneva Bible and also the Bishop's Bible. These were built on the work of John Wycliffe, who in 1380 translated the Scripture into English at great personal cost to himself. From what I have learned, King James and the bishops were not too happy with the Geneva Bible because it threatened to expose some of the errors in the Anglican church, and the incompleteness of the Reformation, so King James commissioned scholars to make the KJV, the authorized version. There were some strict guidelines in place, one of which was not to change the names of any of the New Testament ecclesiastical offices such as "bishops" and "deacons".

I don't think there is any perfect Bible translation into the English language. We can still know what God is saying through it, its just that sometimes we have to dig a little deeper into the original languages. Only the original texts in Hebrew/Greek as first written are perfect, and even then, you still need the help of the Holy Spirit and some understanding of the background to know what the true meaning is.

While the KJV at least avoids the Wescott/Hort text based on the Alexandrian and Vaticanus manuscripts, we have to remember that the King James version was commissioned by King James and overseen by Bishop Bancroft of the Church of England. These men had strong vested interests in hiding the meanings of certain words, the true plain understanding of which might have challenged the status quo as far as ecclesiastical organization and practice was concerned.

The typical approach was to transliterate words from the Greek rather than translate them. Thus 'episkopos' (literally overseer) became 'bishop', 'diaconai' (lit. servants) became deacons, 'baptizo', (to dip/immerse) became 'to baptize'. Perhaps the most damaging was to translate 'daimonizomai' as 'to be possessed with devils'. By just transliterating the words, the old traditional meanings of the words would be assumed, leaving the status quo intact of the ecclesiastical power base of the day.

The consequence of these mistranslations has been severe. It has resulted in unbiblical hierarchical church leadership models where leaders lord it over underlings and seek to be served by them, sprinkling of infants and total ignorance concerning the ministry of deliverance for Christians.

Sorry to have to say this, but even the KJV has its weaknesses as a translation.