They have a little Odor that to me — Fading Poet

They have a little Odor-that to me 1
Is metre-nay-'tis melody-
And spiciest at fading-indicate-
A Habit-of a Laureate-
(F.505/J.785)
[1] They:: poems (written by a poet laureate). Odor:: a) reputation, fame; b) smell.
[2] metre, melody:: the poems' metre (melody) that emitted the odor.
[3] fading:: a poet's fading fame and (the odor of) his fading clothing.
[4] Habit:: a) style; b) a clothing, raiment. (OED habit n. 1a) Laureate:: a poet laureate, a title given to eminent poets.