the NKJV is suppose to be more refined translation of the KJV that keeps with that translation but at the same time is a bit more understanable to read in english. I'm not sure if it was meant to go toe to toe with the NIV version but perosnally I never noticed much of a difference between the NKJV and the NIV, I still couldn't understand either of them.
I'm a New Century Version person myself, I got it as a gift from a female classmate in highschool that noticed I was struggling with the word. I don't see the NCV version anymore (my copy is weathered and dogged-eared) but I liked that version best because it actually was translated in STRAIGHT ENGLISH. Aside from "omitting" the holy trinity, the NCV hasn't failed me yet.
You are right that the Old English is what threw me. try as I might I just coun't understand it. It realy sucked too when I was forced to memorize verses and those words wouldn't stick. It's one of the reasons why i dropped out of the biblical classes when it was expected of us to comprehend the KJV, which was understandable.