> Gestur svarar þessu einu: "Era sjá draumur minni."
> Gest answers this one: "That dream is a memory."
> Gest answers only this, “That dream ?? less.”
> Gestr answers this only: „This dream is not (er + a
> (negative suffix)) less.“

As Alan says, <era> is <er-a> 'is not'. There's a fairly
long article on the negative suffix <-a, -at> in CV; it's
the first entry in the A section (after the A-Á discussion
of the letter itself). I have to admit that it took me a
while to think of this; I'd forgotten that the suffix can be
<-a> as well as <-at>.

> eg þóttist hafa gullhring á hendi
> it seemed to me (that I) have a gold ring on (my) hand
> I seemed to have had a gold ring on my hand
> I bethought-myself to have a gold-ring (band) on (my)
> arm/hand

Just 'a gold ring', I think; I don't see anything making it
definite.

> Það þótti mér líkara harmi en skaða er eg þóttist þá bera
> eftir.

> That seemed to me like sorrow but it did damage which
> seemed to me then (to) wear after.

> It seemed to me more like sorrow than damage when I seemed
> then to carry back??

> That seemed to me more-likely (comparitive) (closer to?) a
> grief than a loss (not sure what the distinction is here)
> which I bethought-myself to bear (endure) after.

Perhaps 'That seemed to me more like grief than [like] a
loss that I then thought myself to bear up against
afterwards', the idea being that it seemed much worse than
the normal regret over losing a valuable possession.

> En það þótti mér helst að að hann var nokkurs til þungur
> því að eg fékk varla valdið og bar eg hallt höfuðið og gaf
> eg þó hjálminum enga sök á því og ætlaði ekki að lóga
> honum.

> But that seemed to me rather that that it was somewhat of
> heavy because I got scarcely the power and my head leaned
> to one side and though I gave the helmet no offense as I
> intended no to part with it. (Z. hallr 1 - bera hallt
> höfuðit, to carry the head on one side)

> But it seemed to me most that it was somewhat heavy
> because I was scarcely able to wield it and I carried my
> head leaning to one side and I still gave the helmet no
> reason for it and I did not intend to part with it.

> But that seemed to me especially (most of all, helzt) that
> (ie I noticed especially that), that it (ie the helmet)
> was somewhat (rather) too heavy (see nökkur, Z1) because I
> was barely able to wield (it) (fá + past participle, Z7)
> and I bore the-(my)-head leaning-on-one-side and (but) I
> nevertheless gave no cause (gefa enga sök, ie attributed
> no blame) for (this) to the-helmet because I intended not
> to part with it.

I'm with Grace: Guðrún didn't blame the helmet for it (á
því), *and* she did not intend to part with it, not
*because* she did not intend to part with it.

> Gestur svarar: "Glöggt fæ eg séð hvað draumar þessir eru
> en mjög mun þér samstaft þykja því að eg mun næsta einn
> veg alla ráða.

> Gest answers: "I am able to clearly see what these dreams
> are but would much think all-of-one-burden to you because
> I would next one honor all advice. (???)

> Gest answers, “Clearly I am able to see what these dreams
> are but you will think much all of one burden because I
> will interpret all nearly one way.

> Gestr answers: “Clearly I am able to see what these dreams
> are but much will (it) seem to you all-of-one-burden (a
> bit tedious?) because I will almost(næasta) in (the) one
> way interpret (raða, verb) all (of them).

'Monotonous', I think: this appears to be 'burden' in the
sense 'a principal or recurring idea or theme', as in the
expression 'the burden of his discourse'.

Brian