I just found a very helpful article entitled "Inerrancy and New Testament Exegesis" by R.T. France which deals with how evangelicals, who hold to inerrancy, can still produce helpful exegesis for biblical studies.
France concludes with this helpful comment:
"To return, then, to our original question:does the evangelicals commitment to a high view of Scripture, which entails inerrancy, automatically exclude him from the use of the critical methods which are the rules of the game of academic biblical study? In fact just the opposite is the case: he has, if anything, a stronger incentive than any one else to work hard and critically at his exegesis, for he believes that what is interpreting is the word of God, and therefore should spare no pains in discovering what it really means. If anyone is obliged to pracitse the most rigorous grammatico-historical exegesis, without taking short cuts or fudging the issue, it is the evangelical. His doctrinal position obliges him to do the very thing the pundits demand, to study the text of Scripture critically in the light of all available knowledge relevant to it. He can, and should, have a real positive contribution to make to responsible exegesis, what is what academic biblical study is, or should be, all about."
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