This arrangement of “The First Noel” is available for free from lds.org, but it is a copy of the handwritten manuscript. I find it legible enough, and if my choir were on a budget, I wouldn’t hesitate to use it. For those of you who prefer a more polished page, Jackman Music has published the work.
The “paraphrase” comes at the beginning when the men and women take turns echoing/singing about the angel, the star, and the shepherds (along with some Noels). You can hear this section in its entirety using the audio link above. It is a nice introduction to the first verse of “The First Noel” that comes in next, in canon no less. The paraphrase section could be really effective when used as part of a sacrament meeting Christmas program. It provides some contrast and acts as a little bridge between whatever was sung before and the main verse of “The First Noel.” I think this arrangement is worth considering, especially if you can handle the free, handwritten version (or if you like typesetting things yourself).