The liturgists have the Scripture carried into the Church held above shoulder level for the veneration of the congregation. This is part of the processional. Further, the priest carries the book, again elevated, from its place of repose to the lecturn from which it is read. Again the intent is the veneration of the Word as present in Scripture. There is also at solemn occasions the repeated censing of the scriptures before the readings.
Whereas the presence of God in scripture is not sacramental, the scriptures are a sacramental, an occasion of grace for the faithful. And yes, it is certainly correct to venerate the scriptures.
Matthew