Here’s my translation

Thus far sounds like Bósi Mk II

Alan

Ríkarðr hét konungr. 
(There) was a king called Ríkarðr

Hann réð fyrir austr í Görðum. 
He had-authority over (the) east in Garðar.

Hann var ríkr ok mikill höfðingi. 
He was  a powerful and great chief.

Silvæn hét drottning hans. 
His queen was-called Silvæn.

Hon var af dýrum ættum. 
She was of worthy pedigree (stock).

Son áttu þau þann er Sigrgarðr hét. 
They (ie Ríðarðr and Silvæn) had that son who was-called Sigrgarðr.

Hann óx upp heima hjá föður sínum. 
He grew up at home with his father.

Hann var allra manna fríðastr sýnum, sterkr at afli, ok svá fimr við allar íþróttir at engi maðr kom til jafns við hann hvat sem prófa skyldi. 
He was of all men (persons) most handsome in appearance (ie most fair of face), strong in physical strength, and so agile with all accomplishments, that no man came to an equal (standing) with him (ie no man was his equal, could match him) whatever (one) should try (one´s hand at).

Hann var kappsamr ok ríklyndr hvat sem hann tók upp. 
He was impetuous and imperious whatever he took up (chose to do, tried his hand at).

Hann var örr af fégjöfum við vini sína ok þat var hans skemmtan at veita lið sínum vinum en fordjarfa sína óvini. 
He was liberal in gifts-of-money with his friends and that was his pleasure to stand by his friends but (and) to disgrace (put down, fordjarfa, CV1) his enemies.

Hans heit váru öll föst hvárt sem hann lofaði góðu eðr illu.
His vows were all (held) fast whether he promised good or ill

Sá maðr bjó þaðan ei langt er Gustólfr hét. 
That person (man) dwelt not (ei, Z2) far from-there who was-called Gustólfr.

Gerðr hét kona hans. 
His wife was-called Gerðr.

Þau áttu tvá sonu. 
They had two sons.

Hét annarr Högni en annarr Sigmundr. 
The-one was-called Högni but (and) the-other Sigmundr.

Þeir váru stórir menn ok sterkir, ok ófyrirleitnir þegar í uppruna sínum, ok vildu ráða meir enn at hálfu við hvern sem þeir áttu. 
They were tall men and strong, and reckless (úfyrirleitinn) already-when (cf Þegar, Z1) in their youth and wanted to prevail (have their way, ráða, Z9) still (enn) more by far (lit: by half, hálfr, Z2) (wanted to get far more than their fair share?) with whomever they had to do (had dealings, eiga við e-n, Z10)

Þeir váru leiksveinar konungssonar, ok mælti hann opt eptir þeim þá er hirðmenn gjörðu þeim harðleikit, því at þeir unntu þeim sjaldan jafnleikis. 
They were playmates of (the) king’s-son, and he spoke often for them (ie took their part, spoke on their behalf), when (the) king’s-men dealt roughly with them (lit: performed playing a hard game with them), because they seldom granted (unna, Z1) a game-on-even-terms to them.

Þeir váru sjaldan vinsælir. 
They were seldom popular.

Þeir váru lítt settir at klæðum, en þau sem váru rifu hirðmenn af þeim en konungsson bætti þeim ávalt. 
They were poorly furnished (settr, Z3) with clothes, but (and) those (clothes) that (there) were (ie that they possessed), the king´s-men tore from them, but (the) king’s-son always made-up for them.

Úlfr hét ráðgjafi konungs. 
(The) king´s-counsellor was-called Úlfr.

Hann vandaði um þetta við konungsson. 
He found fault with (the) king’s-son concerning this.

Hann kvað honum þat ofráð. 
He (ie the king’s-son, Ríkgarðr) declared that (ie the fault-finding) too-great-a-task for him (Úlfr) (ie that Úlfr was going beyond his jurisdiction, overstepping the mark).

Hann réði ei hverjum hann gæfi niðrlagsföt sín. 
He (ie Úlfr) should-not-advise (subjunctive) to whom he (ie Ríkgarðr) should-give (subjunctive) his clothes-of-low-position (ie bottom-drawer garments, ‘handmedowns’) (plural).

Þá bað Úlfr hirðmenn gjöra þeim harðleikit svá þeir þyrði ei til leiks at fara. 
Then Úlfr bade (the) king’s-men to deal roughly with them (lit: perform playing-a-hard-game with them), so they dared (past of þora) not to go to (the) sport.

Hirðmenn gjörðu svá.
(The) king’s-men did so.