Here’s my translation

Alan

I 
1

Heyrt ungir menn eitt ævintýr og fagra frásaga frá hinum frægasta meykóngi er verið hefur í norður hálfu veraldarinnar er hét Nítíða hin fræga er stýrði sínu ríki með heiður og sóma eftir sinn föður Ríkon keisara andaðan. 
Young persons [have] heard a certain adventure and account about the most-famous maiden-king who has been in [the] north half of the-world who was-called Nítiða the Famous who ruled her kingdom with worth (ie worthily) and honour after her deceased (acc pp) father Kaiser (Emperer, Tsar) Ríkon

Þessi meykóngur sat í öndvegi heimsins í Frakklandi hinu góða og hélt Paríssborg. 
This maiden-king sat in [the] high-seat of the-region (or world) in France the good and held [the] city-of-Paris.

Hún var bæði vitur og væn, ljós og rjóð í andliti þvílíkast sem hin rauða rósa væri samtemprað við snjóhvíta lileam, augun svo skær sem karbunkulus, hörundið svo hvítt sem fíls bein, hár þvílíkt sem gull, og féll niður á jörð um hana. 
She was both wise and beautiful, fair and rosy in countenance as like-as-possible (<sem> with superl) [as if] the red rose was blended-together with a snow-white lily, eyes as bright as carbuncles, skin as white as elephant’s bone (ivory), hair such as gold, and [it] fell down to [the] ground about her.

Hún átti eitt höfuðgull með fjórum stöplum, en upp af stöplunum var einn ari markaður, en upp af aranum stóð einn haukur ger af rauða gulli, breiðandi sína vængi fram yfir hennar skæra ásjónu jungfrúinnar að ei brenndi hana sól. 
She had a certain ‘head-jewel’ (CV) (‘gold ring worn around the head?’) with four steeples (ie uprights), but drawn (‘marked’) up from the-steeples was an eagle, but (and) up from [the] eagle stood a hawk made of red gold, spreading its wings forward over [the] clear (<skærr> countenance of her, the princess [so] that [the] sun (nominative) burned her not.

Hún var svo búin að viti sem hinn fróðasti klerkur, og hinn sterkasta borgarvegg mátti hún gera með sínu viti yfir annara manna vit og byrgja svo úti annara ráð, og þar kunni hún tíu ráð er aðrir kunnu eitt. 
She was as endowed with intelligence as the most-learned scholar (cleric), and she could build the strongest fort-wall (wondering if this is literal or metaphorical) with her intelligence, beyond [the] intelligence of other persons (men) and thus prevent [the] plans of others, and there she identified ten ways-and-means when others identified one.

Hún hafði svo fagra raust að hún svæfði fugla og fiska, dýr og öll jarðlig kvikindi, svo að unað þótti á að heyra. 
She had so fine a voice that she lulled-to-sleep birds and fish, animals and all earthly living-things, so that [it] seemed a delight (<unað>, noun) to listen to.

Hennar ríki stóð með friði og farsæld. 
Her kingdom remained with peace and prosperity.

Ypolitus hét einn smiður í Frakklandi með meykónginum. 
A certain smith was called Ypolitus, in France with the maiden-king.

Hann kunni allt að smíða af gulli og silfri, gleri og gimsteinum, það sem gerast mátti af manna höndum. 
He knew-how to fashion from gold or silver, glass or gemstones all that which could be-made by [the] hands of persons (men).

Nú er að segja af meykónginum, hún býr nú ferð sína heiman út á Pul. 
Now [one] is to say of the-maiden-king, she prepares now her journey from home out to Pul (Apulia, in southern Italy).

Þar stýrði ríki sú drottning er Egidía hét; hún hafði fóstrað meykóng í barn-æsku. 
That queen who was-called Egidía ruled [the] kingdom there; she had fostered [the] maiden-king in childhood.

Hún átti son er Hléskjöldur hét. 
She [ie Egidía] had a son who was-called Hléskjöldur.

Siglir drottning nú með sínu dýru fólki fagurt byrleiði, þar til er hún kemur út á Pul. 
[The] queen (ie Nítíða)  sails now with worthy folk of her [kingdom] with fair favourable-winds, until she comes out to Pul (Apulia).

Gengur frú Egidía móti meykóng, og hennar son, og öll þeirra slekt og veraldar mekt og heiður, gerandi fagra veislu í sinni höll, um allan næstan hálfan mánuð. 
Lady Egidía went (on foot) towards [the] maiden-king, and (with her) her son, and all (male and female) their [knightly] ranks and [the] might of [the] world and [the] honour (all those having rank, worldly might and honour?), making a fine banquet (acc fem sg) in her hall, during all [the] next half month.