> Hann sprettur upp og vill þrífa sverðið og missir sem von
> var, gengur út á borð og sér að þau róa frá skipinu.

> He jumps up and will grasp the sword and is without (it)
> as was expected, goes out on board and sees that they are
> rowing from the ship.

> He jumps up and wants to grab the sword and misses as was
> to be expected; goes out on board and sees that they row
> from the ship.

> He springs up and wants to grab-hold-of the sword but
> (and) misses (it) (I think both missa, Z1 and Z3 senses
> would fit here) as was (the) expectation (ie to be
> expected), walks out to (the) side-of-(the)-ship (borð,
> Z2) and sees that they (neut = men and woman) row from
> the-ship.

I rather like M&P's accommodation to the ambiguity of
<missir>: 'but he could not find it'.

> Geirmundur kallar á menn sína og bað þá hlaupa í bátinn og
> róa eftir þeim.

> Giermund calls his men and asked them (to) jump in the
> boat and row after them.

> Geirmund calls to his men and bade them run to the boat
> and row after them.

> Geirmundr calls to his men and asked them to jump into
> the-boat and row after them.

I think that 'bade' (or 'commanded', 'ordered', 'told',
'directed') is closer to the intended sense than 'asked'.

> Þeir gera svo og er þeir eru skammt komnir þá finna þeir
> að sjár kolblár fellur að þeim, snúa nú aftur til skips.

> They do so and when they are a short way come, then they
> find that coal-black sea flows at them, (they) turn now
> back to (the) ship.

> They do so and when they are almost come then they find
> that (the) blue-black sea rises on them; now (they) turn
> back to (the) ship.

> They do so and when they are (have) come a short-distance
> then they find that a coal-black sea (tide, tidal-wave?,
> cf síðan féll sjór at, falla, Z4) flows towards (rose
> against?) them, (they) turn now back towards (the) ship.

CV offers 'dark blue' for <kolblár>; I shouldn't be
surprised if <kol-> simply emphasizes that this is towards
the dark end of the <blár> spectrum. I think that 'they
find that the blue-black sea flows strongly against them'.

> "Það læt eg þá um mælt," segir Geirmundur, "að þetta sverð
> verði þeim manni að bana í yðvarri ætt er mestur er skaði
> að og óskaplegast komi við."

> "I then let it be said," says Geirmund, "that this sword
> must kill the man in your family who greatest is harmed
> that also most suitable touched. (???) (Z. láta 6 - l. um
> mælt, to let be said, to declare) (Z. bana 7 - with
> infin., denoting necessity, one must, needs, is forced,
> obliged to do)

> “Then I declare it,” says Geirmund, “that this sword be
> death to that man in your lineage who is the greatest loss
> and (death) come (to him) most immoderately.”

> ”I let that then (be) said (see láta, with pp. Z6),” says
> Geirmundr, ”that (1) this sword must (as in a curse) (see
> verða + inf, Z7) kill that person (man) in your family who
> is (the) greatest loss (skaði, Z2); that (2) also (?) (the
> sword?) come against (ie touch, strike, koma við e-t, Z4)
> (that person) most-horribly.” (or is some impersonal sense
> intended, ie (it) comes about?, koma við e-u).

I take it to be <koma e-u við> 'to bring about, to effect':
'and effect [that death] most horribly'.

> Ólafur var og þá heim kominn og lét lítt yfir hennar
> tiltekju en þó var kyrrt.

> Olaf was also then coming home (or "had then come home)
> and expressed little approval of her doings but
> nevertheless he was quiet.

> Olaf was also then come home and was not pleased with her
> doings but still was quiet.

> Ólafr was (had) also then come home and expressed little
> (approval) (cf láta vel yfir e-t, Z12) of her actions but
> nevertheless (it) was (remained) quiet.

To expand slightly on that last bit, <kyrrt> is neuter, so
it can't refer to Ólaf; rather, it must refer to the
situation, presumably implying that he didn't raise a big
stink or keep harping on the matter.

> Þeir sigla á einni nótt í boða fyrir Staði.
> They sail at one night to breakers before Stad.
> They sail one night into a breaker by Stad.
> They sail, in one night, into a breaker in-front-of (off
> the coast of) Staðr.

Not just breakers, but specifically those caused by
submerged rocks; it's the rocks that are the real point
here (so to speak!).

Brian