To distinguish a lore bard from the standard bard in Volo's Guide to Monsters, implement the following changes.

Valor Bard

Originally, I was going to provide guidelines for adjusting the VGM bard to suit a valor bard like the lore bard above, but the changes were too numerous, so I included it as a separate statblock. I can use this space instead to talk about the concept of challenge rating in 5th edition. Hopefully this can help inform the way that you build encounters using these NPCs and other monsters.

Challenge rating is an average score that attempts to consolidate the defensive and offensive capabilities of a given creature. A challenge rating of "1" suggests that a creature is strong enough to provide a "Medium" challenge for a standard party of four 1st-level adventurers. A challenge rating of 2 is a Medium challenge for a party of 2nd level adventurers, etc. Keep in mind a single monster will be easily defeated regardless.

This doesn't apply at levels lower than 1 (it can be CR 0, 1/8, 1/4, or 1/2) or for levels higher than 20, which is the level cap for 5th edition. The tarrasque is a CR 30 creature, but it will never fight a party of four 30th-level adventurers.

Having greater numbers of enemies or higher CR enemies increases the difficulty from Medium to Hard or Deadly. Similarly, smaller numbers of enemies and weaker CR enemies decreases the difficulty from Medium to Easy or Trivial. There's a formula for calculating it which I won't go into, but you can use tools like this. The system for calculating the "deadliness" of an encounter is based on a two assumptions.

First, it assumes that the party is not at full strength; they've been fighting for most of the day and can't just nuke the monster with everything they've got.

Second, it assumes an "adventuring day", which is defined as eight encounters that decrease resources (hit points, class features, gold pieces, NPC helpers, spell slots, etc). These are usually combat encounters, but they can be anything, including traps and roleplay scenarios. Xanathar's Guide to Everything goes into more detail about the expectations (which you can read about in more detail here). In one hour of play, you should expect four easy fights or two difficult fights.

Whether these are realistic assumptions is left up to the reader, but the CR system is based upon these assumptions, and they should be considered when planning encounters using these NPC statblocks.