Verse 3 (Paraphrase)

IT is true O Lord, you God great and terrible, that if you shouldst deal with me in this condition, with any man living, with the best of your saints, according to the strict and exact tenor of the law, which first represents it self to my guilty conscience, and troubled soul; If you shouldst take notice of, observe, and keep in Remembrance, mine, or their, or the iniquity of any one, to the end that you might deal with them, and recompence unto them according to the sentence thereof; there would be neither for me, nor them, any the least expectation of deliverance; all flesh must fail before you, and the spirits which you hast made, and that to eternity; for who could stand before you, when you shouldst so execute your displeasure.

It is true, O Lord, You great and fearsome God, that if You were to deal with me in this condition — with any living person, with the best of Your saints — according to the strict and exact terms of the law, which first presents itself to my guilty conscience and troubled soul, and if You were to take note of, observe, and hold in remembrance my iniquity or theirs or the iniquity of any one person, in order to deal with them and repay them according to the law's verdict, then neither I nor they would have even the faintest expectation of deliverance. All flesh would fail before You, and the spirits You have made would fail as well, and that for eternity — for who could stand before You when You executed Your displeasure in that way?