Mitt Romney's former brother tells the truth

First of all, The Mormons ALSO believe the one who claims to be "The God of this world" is Satan. Kolob is merely an esoteric statement about the TRUE God's power...he lies at the center of everything. So to answer your question, is this a preferrable way to sing about God? I would say so. God SHOULD lie at the center of everything, if not... we'd have to look for a more central God!
To suggest that this hymn is anything other than honest worship is paranoid at best, and pitiful at worst. Why do you need to tear down beliefs of other Christians? (I guess less extreme people just erroneously try to define Mormons as non-christians)
The American and Christian ethic is to worship God and Jesus in your own manner, and be forgiving of others...if it weren't this way, Martin Luther would have had no cause to create a protestant way of living.