No there isn’t any leeway. In fact it should be regulated more strictly.On what basis. It is a psalm, and I will suggest to you that very few psalms set to music are a direct translation. Also we are talking about the funeral Liturgy which there is a great deal more leeway in the selections used.
The GIRM is clear: any collection of psalms outside the Lectionary or Gradual must be approved. For liturgical texts, this means a concordat cum originali. does such a collection exist with On Eagle’s Wings?