IMDB lists the production date for this series as 1951. It also seems that there were two series made about the same time with similar names.
1 - The Living Christ series which was made about 1951, and starring Robert Wilson, 12x30 minute episodes discussed below.
2 - The Living Bible Series was made about 1952 (so unrelated to the paraphrase of the bible), and seems to star Nelson Leigh, 24 or 26 episodes. Some of these are available on DVD.

Matt
N.B. - This post was back-dated to when much of it was first noted down in a discussion at the Arts and Faith discussion forum