Believe it or not, but I actually had a harder time reading that passage in the more conversational tone that's it's written in as you quoted it than in my KJV. Weird. You'd think it would be the opposite. I guess I'm just used to the oldish English. There is also a lot of added language as compared to the KJV. I think the idea is the same, but there's definitely some emphasis added that supports your view of the doctrine that isn't present in the KJV.
Anyway, I understand what you're getting at. As I understand this passage, it's referring to the Law of Moses that was no longer the law to live by now that Christ had fulfilled the law. So I have no problem with the passage. And as I've said, I completely agree that we don't have any chance to get to Heaven without Christ's sacrifice. I just don't see anywhere where it says you don't have to be baptized and at the very least obey the two great commandments as well.