Hi Whitney.
I enjoyed your fantasy silver fay world.

One suggestion I will make is to try and maintain the same syllable count (line for line). Once you have that down, then meter would come next - applying inner rhythms and rhymes with experience over time. For now, I offer some ideas below for you to ponder as you wish.
I too, got hung up on the archaic language as the vernacular was a bit off in places.
Cheers
~Cleo
[add] {delete} (comment)
Full moon rises, {a} silver fay world reborn
{And} [where] {thou,} [thy] flame[-]pelted dryad of hill and fern
stalk[s] {through} emerald shades as a specter forlorn{.}[;]
{Thou,} [S]light ash[-]marked deathbearer, others cannot discern[.]
Blood on snow[-]kissed chin, yet not in {razored} [sharpened] mind
Hunger {slacked} [remiss] with Diana's hard earned blessing. (hard earned is a bit cliché, how about ‘sought after’ instead?)
Ignorants {name thee} [call you] vermin, for they know not your kind[;]
Silva's feral heart shatters as they ride, lusting.
Lusting after {thee's} [thy] burning fur
With blood rage not known to thou's breed. { perhaps, with a bloodied rage unknown to your breed. }
Yet {it} [all] is for {nie} [nigh], thou bright eyes match[ing] {their} violent cur
They [are] not of the wood, soon turn back to a benevolent mead[.]
And thou restless specter, {are} [is] blessed
Go [and wander] where {thee} [you] might
For only the moonlight's (one word) sacred
Know the secrets of the night[.]