I think it is the theology that effects the translation to begin with.

For instance, I think it can demonstrated that the theology of a person will reflect upon:

1) What texts are chosen in order to base the theology upon.
2) Whether or not divine providence is a factor in deciding what text will be chosen.
3) When translating what theology are the translators being influenced by.
4) What demographic is the translation is being aim at, and what is the purpose of reaching that particular group.
5) Who is translating.

And I can think of many other points that will determine the outcome of a translation and how this reflects a theology behind it. So yes, different translations effect the theology of the translation, because different theologies determine the translation to begin with.

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Ted Clore
Cascades Fellowship (CRC)
Jackson, MI