.You may copy or set to music (which is a "derived work" in copyright lingo) psalm paraphrases without permission only if they are in the public domain. I doubt that any of the praphrases sold by GIA or OCP are in the public domain. That means that you must figure out who holds the copyright and ask there for permission
In cases where out-of-date texts are used for newly composed music, permission for liturgical use and copyright permission will not be given.
The composer of music for liturgical texts "must respect the integrity of the approved text. Admittedly, not all texts, as approved by the Episcopal Conference, easily lend themselves to musical composition because of their style, length, or translation. Nevertheless, composers may not alter the prescribed texts of the rites to accommodate them to musical settings. ...
The Responsorial Psalm is an integral part of the Liturgy of the Word (cf. GIRM, no. 61). The text is to be taken from the LFM and presented integrally at least once in every setting. Repetitions within the text are allowed, should be used sparingly, and may not alter the meaning of the text. The addition of vocatives is allowed.
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