Yes and no. The sentence seems very clumsy and not at all English. Technically, the phrase works. Better known might be "We are such things as dreams are made on/And our little life is rounded with a sleep.' When it's Shakespeare, it sounds natural.
So it's an old-fashioned use; is that in Integrated English??!! Even though we wrote it in the 80s, it shouldn't be that archaic. But yes, 'that' is wrong. 'Such that' is a phrase meaning 'with the result that' - 'He had such a lot of pain that he lost consciousness.' or even: 'He had a lot of pain, such that he lost consciousness.'
A maypole is a tall pole set up, typically on a village green, and adorned with long ribbons - in May. Traditional maypole dancing involves young people taking the ribbons and dancing around the pole on May 1st. It's an ancient fertility rite, and was banned by such religious bigots as Oliver Cromwell (note the structure!)
Here it is at a modern wedding:
It's also used for a very tall person - again in Shakespeare 'thou painted maypole!'