We just finished a component in which we spent some time studying Shakespeare. I was concerned that the boys would be too young and not understand it much, but that fear was completely put out of my mind after our first play, Hamlet. They loved it. I found an audio version of it for children and they listened to it every night for a week. We also studied King Lear, A Midsummer's Night Dream, Macbeth, and The Taming of the Shrew.
The kids put on the play within a play, "Pyramus and Thisby", from a Midsummer's Night Dream and William was Lion. If you haven't read it, I highly recommend it. We laughed and laughed and are still laughing about it now!