Hello Everyone!
 
OK, deep breath!  Here goes for my first translation attempt...
 
There was a man called Grimr Kamban, he was one of the first men to settle in the Faroe Islands.  But in the days of Harald Fine-Hair a great number of men fled because of his tyranny, some settled in the Faroes and lived there, but some made their way to other uninhabited islands.  Authr the Weathly travelled to Iceland and came via the Faroes and there gave Olafa, daughter of Thorstein the Red, in marriage.  From there came most of the clan of the Faroese who are known as the Gataskeggja [Street-Beards] and lived on Eastern Island.
 
I hope this is not too loose a translation.  I did an analysis of all the words to uncover the meaning, but didn't want the English to sound too stilted.  Looking forward to seeing the accurate analysis of the original!!
 
Regards,
Sarah.