Thanks for the compliment. "Lo" is an exclamation to draw someone's attention. Basically, it means "look!" I mean to say, "look at these wounds..."
O'er does mean "over". This is an elision. The "v" is dropped in order to make the word conform to the poem's rhythm. It's pronounced something like "oar" here. Elisions are common in old poetry and hymns.
However, both of these examples are archaic and not often used anymore. I personally like to incorporate dated English into my poetry because it's much more flexible and I'm nostalgic.
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