Neither of these phrases of the Hail Mary should be objectionable to anyone. After all, they are quotes from scripture.
The greeting of the angel Gabriel to Mary (at the annunciation):
Hail Mary, full of grace, the Lord is with you.
Elizabeth’s greeting to Mary (at the visitation):
Blessed are you among woman, blessed is the fruit of your womb.
Luther, himself, had no problem with this prayer, although he warned those of weak faith from praying it because they might be led to lose sight of Christ.
Now, to be sure, most Lutherans would not agree with Luther (or with me) and would probably run me out of town if I were to suggest we pray those verses.