I've said my say in previous threads about this and swore I'd not get into it again but my feeling about the Blue Book is that its a waste of wonderful trees.
IMHO, if a song's worth singing it's worth learning the words. and all this talk about bad memories is just another name for lazyness. If it's important enough to you you'll learn it and if it isn't that important then don't sing it and inflict it on the rest of us. After all what makes you think we'll think it's important enough to listen to?
If warm cozy feelings, and "getting everybody participating" is more important to you than quality singing (ie. different versions or good singers) then by all means use the BB as your hymnal but don't be surprised when good singers don't come back and when the quality of your circle never gets much above the abismal. Meanwhile the good singers will continue to sneak away........