What is the meaning of the line "Upon a homely object Love can wink" in this context
Solution 1:
Wink here has the sense close the eyes - the same sense is in play when we say that an authority winks at a violation of some regulation, pretends not to see it.
To paraphrase this very "conceited" dialogue in More or Less Fully Modern English:
Valentine: Love has twenty pairs of eyes.
Thurio: What I've always heard is that Love has no eyes at all.
Valentine: Well, of course when it looks at you; Love can close its eyes when
it sees something ugly.