Erich
Your translation seems fine. One point though - on line 69, I think that 'orkar' is a verb (3rd person sing.) and not an adjective. 'Orka' means 'to work' or 'to do' If this is right, then the sentence would come out something like this:
 

því at ek þarf eigi meira forvirki en þetta lið orkar,

‘because I  need not of-more labour than this household does"

“because I need no more work than is done by this household."

 

I like the chipmunk analogy even though, living in England, I've never seen one.

Cheers,

Jed