The translation project actually used 54 translators.
They were very, very good translators - but they were not selected from "the best in the world" but from the best available scholars in Britain who were sympathetic to the moderate party in the Anglican Church. There were many well-qualified translators of other confessions that were not consulted as well as many well-qualified translators from other countries who were not consulted. There was one Belgian.
I didn't correct them - they masterfully translated the Scriptures into the language they spoke. English has not remained static since 1611 however.
I also preferred to do a word-for-word translation, while they were sometimes a little freer. It's a difference in translation philosophy.
And, of course, I could never "top" them - my English translation sounds clunky and uninspiring, while they combined fidelity to the text with a beauty of language I could never achieve.
I translated the verse word-for-word into modern American English not to impugn their translation, but to point out how different the language we speak is from the language they spoke.
So I return to the point: investing the word "dispensation" with a meaning that is alien to the original Greek and which was not intended by the KJV translators is a misstep.
There is no 'original Greek' in the Textus Receptus...You may be referring to the Catholic's Septuagint but that is by no means the Textus Receptus...