Discuss and learn French: French vocabulary, French grammar, French culture etc.
I am not quite sure what "faire" is referring to but I might translate it as
"You may well do you may well say
That a man forewarned is a man worth two.
You may well do you may well say
It does you good to be in love."
I think "on a beau faire" could also be translated "no matter what (you do)",or something along those lines..It seems to be a set phrase without an actual object to the verb.