I actually agree with the decision, and I'm not in the habit of encouraging my local parish towards disobedience. But I'm an itinerant music minister, so this doesn't affect my decison on a week-to-week basis.
In terms of the song "Exalted (Yahweh)" itself, there are really three ways to go about this--the first is to ignore the song altogether, in light of the numerous other anthemic worship songs in existence. The second is to snip off the outro, and sing the alternate verse--one line--without the words displayed. (This is in keeping with CCLI rules). The third is to snip off the outro, and medley the song into another (completely different) song with the same key/tempo/time-sig/direction/tone. I happen to like my rewrite, so I'm leaning towards the second solution, so long as I make it abundantly clear that this is an alternate rendering of the chorus, so as to not create confusion. This will not be a problem until I choose to record it, or YouTube it, and only then will I have to deal with the muckety-muck of permissions-not-granted due to not being associated with a label. Not everybody is David Crowder.
Nick
http://www.nickalexander.com/home