Mary was "highly favoured" by God and therefore "the Lord is with thee: blessed art thou among women."
Mary was "favoured" (chosen) by God to bear the Christ child and in doing so was "blessed" (freely gifted) with an indelible role in Christianity as the human vessel that brought the Christ child into the world.
A simple consideration of these verses in Luke compared to the idolatry heaped on this simple Jewish girl ("Co-Redeemer," "Dispensatrix of all graces," "the new Eve," "Mother of the church," etc.) reveals the depth of Rome's paganism. To teach children to kneel to statues of a human being is so repugnant to the Scriptures that if it were me, I would fear God's wrath with every "Hail, Mary."
No king but Christ. No Mediator but Christ. No Redeemer but Christ.
Fascinating interpretation, wrong, but still fascinating.