If there ever comes a time in God's providence when it would be beneficial to revise the AV (or produce a new translation, as you suggest) it seems to me that it is ideal and proper for the church to undertake this work.
However, is now really such a good time for this? The Trinitarian Bible Society published an article in the last edition of the "Quarterly Record" explaining why, in their opinion, there is no need at present to do this and why it is not even an appropriate time to do so. "Why Not Produce a Modern Version of the English Bible for the 21st Century?" (pp.3-8).
http://www.trinitarianbiblesociety.o...e/qr/qr582.pdf