5 positions on original Bible manuscripts

In the “The Biblical Position on The KJV Controversy,” the Elders of Grace Community Church in Sun Valley, California identified 5 positions on choosing between textual variants and as most likely the original manuscripts. They are:

1. “King James only”. The “King James only” approach suggests that the English translation of 1611 is inspired of God. It equates the Word of God, in the very real sense of the autographs, with the King James Version Bible.

2. “Majority-Text only”. The “Majority-Text only” position advocates that God preserved His Word in the text which is found the largest number of manuscripts. Because the largest number of manuscripts are found in the Byzantine family, this family should then be considered the primary and favored external witness.

3. “Thorough-going eclectic”. These folks reject any consideration of external evidence such as manuscript families, date of manuscript and so on. They concentrate all of their energies on internal consideration for a literary analysis of the text.

4. “Westcott-Hort”. Westcott and Hort suggested that the Alexandrian family of manuscripts are the oldest and thus preferred. They also concluded that external evidence, that is, manuscript families, outweighs internal evidence and that the Alexandrian variant, all other factors being equal, is the one preferred.

5. “Balanced eclectic”. This “balanced” position holds that each text type is to be evaluated independently without premeditated bias. It also posits that internal and external evidences are to be considered equally. It basically suggests that each textual variant is to be investigated thoroughly and considered on its own merits.

Do you think this is a complete and useful list?