I said:
"Couldn't you just generate a two-column document that has each translation matching up verse for verse next to each other like a parallel Bible?"
You said:
"Unfortunately we won't be able to legally distribute that since it will be composed of the Society's copyrighted material."
But if someone already has obtained both copies legally (Like many of us have, by downloading them off JW.org) then they can legally view such a document.
It's like someone running MAME on their PC and playing a ROM image of Space Invaders. It is legal to do so as long as you own the original ROM. (And yes I do have a rom chip from space invaders believe it or not!)