image > effigy, statue, idol
5 Of massy gold, which with its own light shone;
massy > solid
6 And wings it had with sundry colours dight,
dight > arrayed
7 More sundry colours than the proud pavone
pavone > peacock (Italian word)
8 Bears in his boasted fan, or Iris bright,
Iris > (Goddess of the rainbow. See GL 16.24) bright > beautiful (sparing the duplication of the rhyme in line 9)
9 When her discoloured bow she spreads through heaven bright.