Zeke,
I think you are misunderstanding the position of the church for her first 1500 years of existence. Clearly, all forgiveness comes by the blood of Jesus. However, Jesus' death on the cross didn't automatically save the entire world, correct? I assume you are not a universalist. So how are we to accept and embrace Christ's work for us on the cross that provides forgiveness of sin and eternal life? Belief? Yes, but James tells us "even the demons believe, and shudder." The "faith only" approach is very myopic. Why didnt Jesus tell the rich young ruler, "Just believe in me and you will have eternal life"? God desires a response. Biblically, we see God desiring people to respond to the sacrifice of Jesus through faith, repentance, confessing Christ as Lord and baptism. It is very wrong-headed in my opinion to try to divorce one from the others as if we can decide for ourselves what is significant regardless of what the Scriptures teach.
The early church understood that God called people to a response when they confronted the Gospel. Accepting the blood of Christ included things like repentance, faith, and baptism. We must not say, "one only needs baptism, they dont need faith or the blood." Nor can we say, "One only needs the blood and faith, we dont need to repent and be baptized." Jesus commanded his followers make disciples by baptizing them. This act is not a "work" by which one seeks to merit salvation or else Jesus is undermining his own work on the cross by giving the disciples this command!
I simply contend that we allow the Scripture to be the authority on this matter and not our preconcieved notions of "works" vs "faith." Jesus commanded his disciples to baptize as part of the disciple-making process. So who are we to say baptism isnt important and it has no real value? Especially when we find texts that explicitly teach the opposite!
Perhaps an illustration would be helpful: Imagine a couple is getting married. They both walk down the isle. They both take their oaths to honor and cherish one another in sickness and health. They exchange rings. They say "I do." They are pronounced husband and wife and then they kiss. Your argument (from my perception and that of the early church) is akin to saying, "Which part of this ceremony is insignificant? Can we throw out the rings? Do they have to take an oath? Do they have to say "I do"? Can we forgo the pronouncement and kiss? I mean, after all, we dont want to confuse the ceremony with love! Love is the important thing you know!"
Of course love is the important thing. But the rings, oaths, pronouncement, etc all express that love in a unique way that binds the two together in marriage. So it is with faith, repentance, baptism and confessing Christ. Of course the blood of Jesus is what heals us. Without the blood, none of the rest matters. That doesnt mean faith, repentance, or baptism are insignificant. God has promised that when we believe, repent and are baptized as we confess Christ that he will forgive us, heal us, raise us to live a new life, clothe us with Christ and give us the Holy Spirit. So who are we to say, "Ah, I dont think baptism matters. I dont think repentance matters." Let us allow the Scriptures to guide our actions rather than developing theologies that undermine the Word of God and commands of Christ.
*As for the "value" of the Nicene Creed, I am not a big fan of creeds. However, I do think it reflects the insights of the early church and that those insights are based on a correct understanding of the Scriptures. As a result, I believe the statement has value.