1. No. "that than which the world offers but one thing more precious" is a noun phrase meaning "the thing which is exceeded in preciousness by only one other thing in the world".
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park sang joonSo I was wondering if "It was an exquisite memorial to that than which the world offers but one thing more precious, to a friendship" means "It was an exquisite memorial to that which the world offers but one thing more precious than,Yes.
GPY"that than which" is a rather unusual formal pattern.The only other example I know of that puts a "than" clause first is e e cummings' poem "than freedom is a breakfast food", though I think the present example might not be, strictly speaking, the same kind of inversion.