Look,
I received the letter I was expecting and it contained what I was suspecting (hey, I rhymed!). According to his letter, John denies that he is guilty of “denying the blood”. He affirms that the New Covenant was ratified by Christ’s blood; that the blood of Christ is precious; and that Christ shed His blood in dying for our sin. (The GTY doctrine is consistent on this subject). His teaching on the blood simply is that the literal blood of Christ has no magical or mystical saving power. It is not some supernaturally preserved form of the actual blood of Christ that washes believers of their sin. The blood is applied to the believer in a symbolic sense, by faith, in the same way that we “see” Christ by faith, and we are now seated with Him in the heavenlies – not in a literal sense. From what I can see, the teaching in question is a polemic against transmutation, nothing more; he is saying that the communion wine does not change into the actual, physical blood of Christ and that the sprinkling with blood under the New Covenant is symbolic. I would expect Roman Catholics to take exception to this; why would a Baptist have a problem with it?
His letter explains that he has never denied that “without the shedding of blood is no remission” (Heb 9:22). He is saying that the “the shedding of blood” in Scripture is an expression that means much more than just bleeding. It refers to His violent, sacrificial death. His death, not simply His bleeding was required in order for Him to become the perfect sacrifice, and without His death, our redemption could not have been purchased by His blood. The shedding of His blood was the visible manifestation of His life being poured out in sacrifice and Scripture consistently uses the term “shedding of blood” as a metonym for atoning death. The blood of Christ is precious – but as precious as it is, His physical blood alone could not save. Only when it was poured out in sacrificial death could the penalty of sin be paid; thus, if Christ had bled but not died, salvation would not have been purchased. In that sense, it is not His blood but His death that saves us.
He continues, talking of the Old Testament covenant. Bloodshed was God’s design for all Old Testament sacrifices. They (the animal offerings) were bled to death rather than clubbed or burnt. God designed that sacrificial death was to occur with blood loss as a vivid manifestation of life (“the life of the flesh is in the blood”

being poured out. Nevertheless, those who were too poor to bring animals for sacrifices were allowed to bring one-tenth of an ephah of fine flour instead (Lev 5:11). Their sins were covered just as surely as the sins of those who could afford to offer a lamb, a goat, a turtledove, or a pigeon (Lev 5:6-7). That is because the sacrifice was symbolic.
He denies “trying to do away with the blood”, as some tried to claim. He is simply trying to do away with the confusion created by imputing magical properties to the literal blood. Scripture does not say that our Lord bled to death; it teaches that He voluntarily yielded up His spirit. No man could take His life from Him. He could have shed all His blood, and He would not have died from that. Nothing and nobody could have killed Him if He had not willingly given up His spirit (John 10:18).
He affirms that this is not a denial of the blood; it is an affirmation of what Scripture teaches. This teaching is consistent with Reformation teaching as I understand it. He makes no mention of “recanting heresy” as you have heard (thus, implying an admission of guilt) and I can see no reason for him to do so. Do you perceive error in his position?