First of all, the God that Joseph Smith had revealed in the scriptures he produced is actually largely in line with modern biblical scholarship on the subject. So the origional LDS Godhead has the support of rigorous Bible scholars rather than an appeal to tradition which becomes the equivalent of the Traditions of the Elders (which Jesus rejected)
Secondly, understanding the true nature of God in Restoration Scripture is necessary as a starting point for understanding all the future errors made by Brigham Young (who taught Adam was God the Father) and James Talmage who corrected Young's ideas by basically inventing a new Godhead in 1916: where Jehovah was no longer the Father despite Joseph Smith himself believing Jehovah was the Father (see footnote 35 of The Ministry of the Father and the Son by Robert L. Millet); which led to the removal of the official doctrine (The Lectures on Faith) in 1921. Since the Lectures were the doctrine portion of the D&C, after 1921 you basically had the Doctrine & Covenants with the Doctrine torn out of The LDS Standard Works, leaving only the Covenants section (or revelations); which has led to, in my opinion, bad ideas and policies based on incorrect ideas about the Deity; which are at odds with the actual revelations in Restoration Scripture.
So understanding the original doctrine of the Godhead not only restores the original official doctrine and the original Doctrine portion of the D&C by re-establishing The Lectures on Faith as scripture; but it restores the view of the Godhead held by Joseph Smith himself; and Joseph said it's very important to understand the true nature of the Deity.
On a practical level, at the end of the day this analysis is actually practical because I believe that Restoration Scripture acts as a pragmatic psychology and theo-philosophy: for when the practical Design Laws explained by Tim Jennings (i.e. God's wisdom providing the algorithm of the Good Life) is combined with the recipe for a more integrated psyche found in LDS scripture, you have the ideal of the balanced integral individual and the high character path to a civilized society.
The origional Deity -- in the original doctrine of The Lectures on Faith -- acts as the Source Power of all light and truth. This Deity, as embodied in a bodily personage of spirit, glory, and power (as Father-Jehovah), basically sought to reproduce his divine genome through the Only Duplicate of Jehovah's Genome (the Christ), as the earth-born Jesus was the first to gain glorified enlightenment in the flesh; so that we too could also partake of the divine nature by recieving the transforming affects of the Deity's luminous power and divine DNA through the fluid nooma.
So that by forming a bodily personage composed of spirit matter (as Jehovah), the Deity embodied Himself and provided a way for humans to understand his attributes and character; which were then implanted into Jesus who then implants this high character Way into Christians as image bearers or sacred standard bearers; so that we too can also become glorified and exalted (see Lectures on Faith sections 5 & 7).
What I began to also realize after reading The Lectures on Faith is that they are basically treating the Deity as a heroic personage to model like a mentor in the Hero's Journey. For the Deity, for example, utilizes faith as a principle of action, and we are to emulate this powerful skill and ability in the Deity; which in modern terms is the equivalent of positive thinking and visualization (which have been proven effective).
I began to realize that the representations of God in Scripture is actually the psychological mechanism for balancing the psyche: by integrating both the masculine and feminine energies, which are represented with Jehovah as a self-described man of war (a warrior), and Sophia as divine wisdom and self-control; with the Old Testament presenting a more tribal morality in many places and the New Testament presenting a more egalitarian morality in certain places; with the restored gospel presenting a practical American gospel for the 21st century: as it better balances strength and unity, compassion and power.
So that to understand God in Restoration Scripture ends up being about understanding the character and attributes of the heroic figure archetype represented in nearly all of religion and mythology; as God himself acts as a courageous hero who utilizes faith as his source of power (as we read in the First Lecture on Faith), who fights Leviathon, and wins the "bride" of Israel, etc; and thus Christians can utilize the same patterns of heroic power and loving care for others, to grow individually and synergistically into a Zion People.
