Most modern, scholarly translations (not paraphrases) attempt to produce bibles exactly as you describe. Significant expense is made to hire scholars at the top of their respective fields when producing these translations. Some of the best (most scholarly and most recent) are:
New Jerusalem Bible, Regular Edition
http://www.amazon.com/gp/redirect.html?ie=UTF8&location=http%3A%2F%2Fwww.amazon.com%2FNew-Jerusalem-Bible-Henry-Wansbrough%2Fdp%2F0385142641%3Fie%3DUTF8%26qid%3D1197743029%26sr%3D11-1&tag=wwwjimpettico-20&linkCode=ur2&camp=1789&creative=9325
Best translation, excellent study notes
New Oxford Annotated Bible, NRSV, Augmented Third Edition
http://www.amazon.com/gp/redirect.html?ie=UTF8&location=http%3A%2F%2Fwww.amazon.com%2FAnnotated-Apocrypha-Augmented-Revised-Standard%2Fdp%2F0195288815%3Fie%3DUTF8%26s%3Dbooks%26qid%3D1189044490%26sr%3D8-1&tag=wwwjimpettico-20&linkCode=ur2&camp=1789&creative=9325
Most highly regarded study notes, translation accused of over-zealous use of gender-inclusive language
New Oxford Annotated Bible, RSV, Expanded Edition
http://www.amazon.com/gp/redirect.html?ie=UTF8&location=http%3A%2F%2Fwww.amazon.com%2FAnnotated-Apocrypha-Standard-Expanded-Hardcover%2Fdp%2F0195283481%2F&tag=wwwjimpettico-20&linkCode=ur2&camp=1789&creative=9325
Most highly regarded study notes, one of the most literal translations, but dated (1950s)
A new translation of the NJB is in the works
http://ebaf.edu/index.php?option=com_content&task=view&id=173&Itemid=52
And a French version is already available
http://bibliotheque.editionsducerf.fr/par%20page/84/TM.htm
Jim, http://www.jimpettis.com/wheel/