This is "Bardic Lore", an exploration of generating Shakespearean looking text with recurrent neural networks. Certainly this kind of thing has been done before; this is learning by doing.
All code is in Keras 2.0 using Shakespeare downloaded from Project Gutenberg. This includes all his plays and sonnets. To model and generate text, I lowercased everything, and stripped out extraneous punctuation.
After training all night, the model starts to sound Middle Englishy:
r els entreat me to learn me hath the death to make with a man to can the head; englon came our duke of gentle wood of my house with thy sends of lading and dumpers of the stanf than so much that the world of hot stand a prince; but i am to do stand, and i have the enemy of the life and thou doth but you do the stand of the fortunes of soul to conferer. my lord, and the garter are or to the pardon of the graces as so, and he would not the man, when they are good nor and your or others personal use only, and are but the while of my gracious bottom of the true man, i will you shall for the son of the horses. but i shall see him be a fair duke of the which i should to arm'd it of the deadful honest of the are may i will did the stans bowes a sort the rage as the prince, that i will see the capalous lords. but in the stand the complete bear a world with like the sent of the morting sail. who should come to my lords of the prince to deserve the stay of the lady but the more heart