Let's see what 'fut' means.
"Fut - [foot] (int.) an exclamation of contempt or derision. A word used to swear or surse, possibly short for "God's foot", though that is not certain."
--The Dictionary of Shakespeare Words, glossary-- last page of F section
"Fut ... [is a] common [form] of the oath Foot, God's Foot..."
--Shakespeare-quatro Fascimilies: King Lear Volume 1, footnote on page xv
My Foot -- euphemism for 'my ass', meaning something is nonsense.
So, 'fut' is an early form of the word 'foot'. This could mean that it means 'my foot' which is a phrase used to say that something is nonsense.
"...and my nativity was under Ursa Major, so that it follows, I am rough and lecherous. Fut, I should have been that I am..."
Does that make sense for what is said?