And that is Not Elizabeth Tudor, you motherfuckers. Not in any parallel Earth.
That was pretty much my reaction as well. Even as an impulsive teenager, Elizabeth had more gravitas than that. But that was my only nitpick, as otherwise I have no dog in this fight -- I've never been more than casually interested in Dr. Who, and then only in the newer ones. The old shows can drive me out of the room in 5 minutes flat.
Note: the only reason I watched the special was that we were at a Dr. Who con and everyone was watching it. I was expecting to walk out of the room thinking, "Well, I have no idea what just happened there," but I was pleasantly surprised.
I do like your hypothesis concerning Osgood.