Do Bible translations matter?

I'm asking this from a born-again Christian perspective (so I guess this makes me an evangelical Protestant) and seeing how there's controversy over the KJV, NIV, ESV etc., does the type of Bible that you use really matter? Most Bibles used by Protestants tend to be based off from the Masoretic Text but some websites indicate that the Septuagint is the earliest translation, which Jesus and Paul used during their time on Earth. So which is it? Or is it better safer than sorry to read a variety of translations and compare them?