For the distinction between love and honour compare Lyly's Endimion, v. iii. 150-80:
'Cinthia. Was there such a time when as for my love thou did'st vow thyself to death, and in respect of it loth'd thy life? Speake Endimion, I will not revenge it with hate ...
Endimion. My unspotted thoughts, my languishing bodie, my discontented life, let them obtaine by princelie favour that, which to challenge they must not presume, onelie wishing of impossibilities: with imagination of which I will spend my spirits, and to myselfe that no creature may heare, softlie call it love. And if any urge to utter what I whisper, then will I name it honor....
... Cinthia. Endimion, this honourable respect of thine, shalbe christened love in thee, and my reward for it favor.'
With the lines,
Nor shall I then honour your fortune, &c.,
compare in the same play:
'O Endimion, Tellus was faire, but what availeth Beautie without wisdom? Nay, Endimion, she was wise, but what availeth wisdom without honour? She was honourable, Endimion, belie her not. I, but how obscure is honour without fortune?' II. iii. 11-17.
The antithesis here between 'honour' and 'fortune' is exactly that which Donne makes.
If we may accept 'noble-wanting-wit' as Donne's own phrase (and Walton's authority pleads for it) and interpret it as 'wit that yet wants ennoblement' it forms an interesting parallel to a phrase of Shakespeare's in Macbeth, when Banquo addresses the witches:
My noble partner
You greet with present grace and great prediction,