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It can get complicated. If it's not translated, then my personal (and poorly informed) opinion is that it shouldn't be copyrighted. However, my opinion, and yours, isn't what really matters. What matters is whether or not the publisher of the new edition thinks it's copyrighted. If they decide it is, and come after you, it'll cost you thousands of dollars (if it goes to trial, at least $100,000) even if you win. Unfornately, if there's a new analysis and discussion in it, that most certainly is copyrighted, so the book itself will have a copyright notice in it.
The obvious approach is to contact the publisher and ask them if they consider the original Old English text part of their copyright, and if so, can you use it anyway?
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