My original thread has gotten off track, so I want to revert to the original question. Is Chaucer readable to a modern eye, once you modernize his spelling?

If so, it would indicate that although spelling has changed, our diction, syntax and grammar haven't changed much in the 600 years since Chaucer's day (expect, of course, for growth in the vocabulary); that very little has been lost over time.

Question:
What do you think? On a scale of 1 to 5 (5 being highest), how readable is this 30-line sample of "Chaucer with the spelling modernized"?

Whilom there was dwelling at Oxford
A rich gnof, that guests held to board,
And of his craft he was a carpenter.
With him there was dwelling a poor scholar,
Had learned art, but all his fantasy
Was turned for to learn astrology,
And koude a certain of conclusions,
To demand by interrogations,
If that men asked him in certain hours
When that men should have drought or else showers,
Or if men asked him what should befall
Of every thing; I may not reckon hem all.
This clerk was cleped hende Nicholas.
Of deerne love he koude and of solace;
And therto he was sly and full private,
And like a maiden meek for to see.
A chamber had he in that hostelry
Alone, without any company,
Full fetisly ydight with herbs sweet;
And he himself as sweet as is the root
Of licorice, or any cetewale.
His almagest, and books great and small,
His astrolabe, [be]longing for his art,
His augury stones laying far apart,
On shelves couched at his bed’s head;
His press covered with a folding [cloth] red;
And all above there lay a gay psaltery,
On which he made a-night’s melody
So sweetly that all the chamber ring;
And Angelus ad Virginem he sang;

Choices:
5 - easy to read
4 - pretty easy; not very difficult
3 - medium: not easy, but not hard either
2 - tough, but do-able
1 - very hard or impossible