534 Make you example to the present age,
example > [an] example, [a] parallel case
535 Of the old heroes, whose famous offspring 536 The antique poets wont so much to sing),
antique > ancient (especially of ancient Greece and Rome) wont > were accustomed sing > {Celebrate in song or verse}
537 In this same pageant have a worthy place,
pageant > {Exhibition, show, staged as a feature of public triumph or celebration; scene or act of a medieval mystery play; tableau or tableaux from such a play. Spenser never uses his language idly; and "pageant" is the precise term favoured by C. S. Lewis (see Spenser's Images of Life) to define the form of FQ; see also SC, gloss to "June" (Many Graces: the passage referred to is at 203.25:1)}
538 Sith those huge castles of Castilian king,
Sith > Since
those huge castles > [the Spanish galleons of the Armada]
Castilian king > (Philip II of Spain, 1527-98)
539 That vainly threatened kingdoms to displace, 540 Like flying doves you did before you chase; 541 And that proud people, waxed insolent
waxed > grown