I wonder (with my limited knowledge on the exact nature of the language) why we still print 'ye' if the 'y' was a shorthand for 'th' and therefore it actually is pronounced 'the'. If we modify or modernise the other words in the poem, why keep 'the' spelled using 'ye'? As far as I can tell it only causes people the speak (or mentally read) the equivalent of 'yee'.