Christian:Do you mormons believe the Bible is the Word of God?
Mormon Missionary:Yes. (insofar as it is correctly interpreted)
Isn't "rightly dividing" the Bible the same thing as synthesizing a construct? Creating a theology?
No, it's a method of Bible study that recognizes the distinctions God has put, or made, in His Word. That way we can enjoy and get the profit from God's Word that He has put in it. Unfortunately, too many are like your Mormon analogy, you can be Scriptural and still out of the will of God.