Knowing that it was not with corruptible things, with silver or gold, that you were redeemed from your vain manner of life handed down from your fathers, But with precious blood, as of a Lamb without blemish and without spot, the blood of Christ;
The blood of Christ, by which we are sprinkled and thus marked out from the common people, is more precious than silver and gold. The highest price was paid for our redemption that we might be redeemed from a vain manner of life to a holy life (15, vv. 18). For this we should have a holy fear, a healthy, serious caution before God, so that, as God's elect, redeemed with such a high price, we will not miss the purpose of this most high redemption of Christ.
Amen, the cross of Christ is timeless, and the precious blood of Jesus is ever available to us to cleanse us from every sin (1 John: 7, 9). Praise Him!
There is nothing wrong with the statement in the chorus that the blood is ever flowing free. Songs like this are inspired by the Holy Spirit. More so, every message about the cross is deeper than head knowledge or literal sense that could be applied.
The Divine Liturgy in its Western Rite does indeed emphasize the Cross, as the Eastern one emphasizes the Resurrection. What we forget is that the Cross is about Victory, that inherent in it is the Resurrection. And that the Victory is in the Blood of Jesus. Poured out on the new Mercy Seat, the Blood of Christ atones for all sin, once for all. The victory is won. And the victory not only atones, it deifies. As the prayer of the mingling says, "As this water mingles with this wine, may He who condescended to share our humanity, enable us to share in His Divinity." The chalice, as one says in the East, is "The chalice of immortality." No sin, no evil, no demon, can stand when we are sprinkled with the Blood of the Lamb!
The precious blood of Jesus can never be overemphasized, because it was enough to cover all the sins of the world and it is still effective in blotting out the sins of every person who comes to Christ repentantly. The power of the blood keeps Satan in check and through it Christ wants us to be victorious in all spheres of life.
I do have some issue with the chorus. The blood is not "ever flowing free!" It only flowed once and Christ is not hanging on the cross any longer; the empty cross reminds us of a work completed. Christ Himself said "It is finished!" Ever since Christ's death we have free access to God our Father through the blood once shed. Praise God for the "PRECIOUS, PRECIOUS BLOOD OF JESUS, SHED [past time] ON CALVARY."