Tell out my soul, His favour shown to me:
He has looked down upon my lowliness.
From this day forth all men will honour me
For He hath deigned to share His holiness.
It's not perfect, and anyone who can do better is welcome to try.
Given how hymnbooks change lyrics willy-nilly for various spurious reasons, I think it would be excellent for Catholic hymnbooks (at least) to include a Marian verse - that is of course, a better reflection of the Scriptural origins of the hymn. Anyone who knows a Catholic hymnbook editor, feel free to pass it on. All royalties waived...