Don,
I do not attempt to interpret
James 2:14-26 in any intelligible way, I can't. It was historically viewed as antilegomena even by the Roman Catholic Church until the canon of Trent in 1545 (authored by Francis Loyola Jesuits) enforced the end of the homolegoumena/antilegomena distinction on all Protestants and this was ultimately accepted by all Protestant denominations and confessions. See all the historic debates available on the internet between Dave Armstrong (Protestant pastor turned Roman Catholic) and James Swan ('Beggars All' Reformation and Apologetics) on this subject.
Calvin did not attempt to interpret 2 John, 3 John, and Revelation in his commentaries. He did interpret 2 Peter but did not believe Peter was the author. Luther never attempted to interpret
James 2:14-26, Jude, Hebrews (on which I firmly disagree with Luther--he was led astray by the authorship issue), and Revelation for the same reason. Even in the Council of Florence the RCC confessed the homolegoumena/antilegomena distinction. The RCC historically rejected James and Jude as homolegoumena because James the brother of Jesus, as the elected leader of the Jerusalem 'church', attempted to usurp the authority of Peter as the apostle to the circumcision.
For the real history behind how we got the present book of James, I recommend the German theologian Hans Van Campenhousen ("The Formation of the Christian Bible"). He nailed this brilliantly with historical evidence, even better than Luther did.
--Bob