Here is a post by Roger Ebert that likely most of you have seen by now. I'm happy to not be the only curmudgeonly old man on the internet.
Anyway, there is no good to be done by paraphrasing great works of literature, because the work itself is the point. Fitzgerald's vibrant, provocative language is at least half of the experience of Gatsby. When the paraphrase changes/misses the essential meaning of the original work, we're no longer even talking about that work, are we? So what't the point of it? They are not equivalent at all. Approaching apoplexy now. Must stop.