There is something that does not sit quite right with me about that particular line.
It implies that God is taking out His wrath on His son, effectively putting the blood on His hands, when the crucifixion was, to put it bluntly, man's doing. The resurrection conquered that. It was not until the resurrection that the wrath of God was totally "satisfied." Man could go to the point of killing, but God could take all of it away by bringing Jesus back to life, and there is no greater putdown than that-- rendering one's best attack totally useless.
That notwithstanding, the replacement proposed by these Presbyterians blatantly screams "feel-good Jesus," which is far worse. I sing the original now and then at my local church and have never had a problem with it.