JOEL - I have read through the "Bible Code" book, and in my opinion it was pretty much a waste of time. The so-called "prophecies" that can be found using the proposed method can vary greatly depending on how many letters are skipped and the matrix that is used. I suspect you could do this with any scripture or book and find similar propheses about anything else. Also there are no single versions of the first five books of the Bible. Different versions and manuscripts would not produce the same results.
Some LDS have suggested running the "Bible Code" program on the Book of Mormon to help prove its authenticity. However, since we don’t have the original "reformed egyptian" text, it would have to be done on the secondary English translation, which would prove nothing.
If reading and understanding the scriptures are so important to our salvation and exaltation, I don’t believe that God nor the ancient Book of Mormon prophets would require us to break any "code" in order to get the needed information. Any prophesies we need will come through the prophets directly from God.