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I am going to the local Ren Faire next weekend, and I need suggestions on Shakespearian insults to hurl at the jousting knights.

A couple I am already planning to use already are:

1) Come back when thou has removed the rust from thy armor!
2) You call that full plate? Tis ceramic bowls painted silver!
3) I hear you cannot lift a longsword and a greatshield!

Can anyone share other clever quips?

You should look up flyting. It was a medieval activity generally consisting of exchanging improvised insults, in what is sometimes likened to a medieval equivalent of a rap battle. There's plenty of online sources (there are several examples in that link) that have compiled some of the insults from them.