> En Guðlaugur systurson Ósvífurs skyldi vera ógildur fyrir
> tilför og fyrirsát við Kjartan og öngvar skyldi Þórólfur
> sæmdir hafa fyrir áverka þá er hann hafði fengið.

> But Osvifr's nephew Gudlaugr should be unatoned for
> partaking also (in the) ambush against Kjartan and
> Thoroflr should have narrow honors for those wounds which
> he received.

> But Gudlaug, Osvif’s nephew, should be uncompensated
> regarding the attack and ambush on Kjartan and Thorolf
> should have honour surpressed?? for the misdeed then which
> he had done.

> But Guðlaugr, Ósvífr’s-nephew (lit: sister’s-son) should
> be (remain) unatoned for (the) attack and ambush against
> Kjartan and Þórúlf should have no (masc acc sg of öngr)
> redress (soemd, Z2) for that bodily-injury which he had
> received.

<Öngvar> is the fem. acc. plur. of <öngr>, to match
<sæmdir>.

> Eigi vildi Ólafur láta sækja Bolla og bað hann koma fé
> fyrir sig.

> Olafr didn't want to let (anyone) pursue Bolli and asked
> him (to) take money for himself.

> Olaf did not wish to have Bolli attacked and bade him come
> with money for himself.

> Ólafr would not allow to prosecute (, ie the prosecution
> of, legal pursuit, soekja, Z8) Bolli and bade him bring
> money for himself (ie on his own behalf).

In other words, to pay damages even though he was not
prosecuted.

> Ólafur kvað hlýða mundu meðan hann væri á fótum.

> Olafr said (that they) would obey as long as he would be
> out of bed.

> Olaf said (they) would obey while he was alive.

> Ólafr declared (they) would yield to (him) (hlýða, Z2 or
> perhaps, (it) would be in order, Z3?) while he was up (ie
> alive, lit on (his) feet).

The implied subject of <mundu> must be plural, so I'm
inclined to go with Z2, MM&HP to the contrary
notwithstanding.

> Hann var á þinginu og mælti: "Það er til kostar að þessa
> manna sekt mun eigi minni í Noregi ef vinir Kjartans
> lifa."

> He was at the assembly and said: "It is well done that
> this man's guilt will not be remembered (?) in Norway if
> Kjartan's friends live."

> He was at the Thing and spoke, “It is a chance that for
> these men outlawry will be not less in Norway if Kjartan’s
> friends live.”

> He was at the-Thing and spoke: “That is well done (see
> kostr, Z13) that (the) outlawry of these people will not
> (be) less in Norway if Kjartan’s friends live (ie are
> still alive)

CV has another example that would make it 'It is a comfort
that ...'. I might go for 'It's a good thing that ...'.

> Þar týndist hvert mannsbarn af skipinu.

> There each man's children perished on the ship.

> Every child of man on the ship perished there.

> There perished each child-of-a-person (living soul) from
> the-ship,

Or to use the closest English idiom, every mother's son.

> Þótti það mjög hafa á hrinið er Ósvífur hafði spáð.

> It was thought much had taken effect, which Osvifr had
> predicted. (Z. hrína 2 - h. á (or á e-m), to take effect,
> esp. of imprecations)

> It seemed to many to have taken effect what Osvif had
> predicted.

> That, which Ósvífr had foretold, seemed very-nearly (see
> mjök, Z, Z3) to have taken-effect (see hrína, Z2).

I think that <mjög> here is straightforwardly 'greatly':
'Ósvíf's prophecy ['that which Ó. had foretold'] was
thougght to have had great effect ['taken effect greatly']'.

Brian