honorificabilitudinitatibus

This word appears famously in "Love's Labour Lost" (see above link) and is referenced by Joyce in "Scylla and Charybdis" -- the episode of Ulysses that is largely a discussion of Shakespeare between Stephen Dedalus and a few acquaintances at the library :

STEPHEN: (Stringendo) He has hidden his own name, a fair name, William, in the plays, a super here, a clown there, as a painter of old Italy set his face in a dark corner of his canvas. He has revealed it in the sonnets where there is Will in overplus. Like John o'Gaunt his name is dear to him, as dear as the coat and crest he toadied for, on a bend sable a spear or steeled argent, honorificabilitudinitatibus, dearer than his glory of greatest shakescene in the country. What's in a name?

Considering it is one appearance shy of being a "hapax legomenon" I'm not surprised it's not in any of my dictionaries.

All the same, I would like to know if this fantastical word is etymologically credible, and whether there is even a whit of tenability in the suggestion by the anti-Stratfordians that it is actually the secret, anagramatic signature of Francis Bacon -- Hi ludi, F. Baconis nati, tuiti orbi -- the ghost writer of the works of "Shakespeare".