Actually; the canon we have today, or better known as the bible; was assembled by the early church fathers known as the council of elders, in about 90 A.D. . Further, before any one of the books of the bible were added to this canon, they had to pass very rigid standard as to authenticity. As a result, many early writings were excluded because of questionable backgrounds. So, the bible contrary to popular opinion has not been revised and rewritten in any way. We do have different translations today such as the King James, the NIV, the Word, etc., but every one of them is done very carefully by leading language scholars and always directly from the most ancient texts or scrolls available. This attention to detail has been observed so rigidly that translators of old were known to wash themselves everytime before writing the name of God as His name was considered too Holy to simply transcribe without a cleansing. So where this telephone idea comes in I do not know, other than it is not based in fact but rather opinion.
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Time.. is an ever unfolding succession of events that twist and weave their way in and throughout our lives creating a complex many colored tapestry that becomes the very fabric of who we are.