No the Old Testement is basically a history lesson on the way it was. And the New Testament is the way it should be. There is no picking and choosing, because the two parts of the bible are totally different. If I'm off base here someone will set me straight I'm sure.
Then there is a degree of obsolesence implied by your statement regarding the purpose of the Old Testament being essentially a historical and contextual backdrop for the writings of the New Testament.
Might as well throw out the 10 Commandments of Exodus 20, then just as the more violent verses of Deuteronomy are conveniently overlooked.
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