Translation vs. commentary
Zondervan Publishing beat you to this idea. They put out in 1993 a Bible
that includes in the left margin the NRSV, the text of UBS4 in the middle,
and the NIV in the right column. Now, if I understood you're approach
correctly, perhaps we should substitute the old American Standard for the
NRSV (how's that for a "literal" translation?) and the TEV for the NIV (or,
of course, you could keep the NIV as a DE representative). The addition of
the Greek text makes this book a helpful study tool for specialists also
(unfortunately, there was no comparative Hebrew Bible of which I am aware).
Personally, I think that your idea is a good one, but aren't there a good
number of "parallel" translations on the market (I know that I own two
different parallel Bibles: the Comparative Study Bible, which includes the NIV,
NASB, KJV, and the Amplified Bible, and another whose title I cannot
recall, but it contains the Living Bible, KJV, RSV, and something called
"the Modern Language Bible."). Anyway, perhaps someone should pursue the
possibility further for such a parallel translation/commentary/paraphrase!
By the way, the title of Zondervan's book is _The Greek New Testament: UBS4
with NRSV and NIV_, John Kohlenberger III editor, foreword by Bruce M.
Metzger, Grand Rapids, Mich.: Zondervan Publishing House, 1993.