meed > reward (the laurel, sacred to Apollo, was used to make a crown for conquerors or poets)
2 And poets sage; the fir that weeps still;
weeps still > continuously exudes resin
3 The willow, worn of forlorn paramours;
of > by; habitually by
4 The yew, obedient to the bender's will;
bender > [archer: the yew was traditionally used for longbows]
5 The birch for shafts; the sallow for the mill;
mill > ?mill-wheel; ?cogs of the mill (or because the sallow grows by water)
6 The myrrh sweet bleeding in the bitter wound;