the mighty ill > (Death, decay; ill = evil)
4 Which, as a victor proud, gan ransack fast
gan > did
5 His inward parts, and all his entrails waste,
entrails > bowels, inner parts waste > (Vb.)
6 That neither blood in face, nor life in heart
That > [So that]
7 It left, but both did quite dry up, and blast;
blast > wither
8 As piercing levin, which the inner part