When faced by accents or unaccustomed speech in plays or films, I think that, like McGrath, most of us comprehend what is meant, even though some words and phrases pass us by.
I am afraid that attempts at 'Elizabethan' accents would only decrease my comprehension.
One thing I hate in American TV (and increasingly in English, etc.) is the laugh track. I can understand that outward laughter by someone at a Shakespeare performance, not scripted for pauses for audience interaction, would be annoying.

I do not object to accent or colloquial language as such; I have been enjoying the Scottish TV series "Taggert" on cd. It would lose its impact if produced in standard English.