In fairness you did leave out one very important part of Dr. Godfrey’s statement
““The people do not need any additional institution to interpret the Word.”
That to me contradicts official Church teaching on Scripture which declares that the Church is the final authority on intrepretation of Scripture. Not that such interpretation is always or even often needed. Most of the time the plain sense of Scripture is just that.
We are a Church of the Word. This Word is actually 3 fold. The written Word of Scripture. The oral Word of Apostolic Tradition and the Living Word, which is Christ Jesus. In all of these we find revealation from God which is to be held binding on all faithful.
We are not a Sola Scriptura faith. We do not think the Scripture can be separated from the Church.
“The people do not need any additional institution to interpret the Word.”
And yet, many of the adherents are interpretating not based upon an individual thought, but upon the institutionalized version of Calvin, Luther, and Wesley.
That is exactly what I was taught as a Catholic. I don't understand why a Catholic would want to be considered Sola Scriptura. It was a term of derision (or at least pity) as far as I could tell.