here and here) has several things going for it:
the identification of the Danellians with the Time Lords;
being able to quote the term "Time Lords" from Tales Of The Knights Templar;
the incorporation of the Time Machine timeline as a quantum fluctuation;
the possibility of also incorporating 1984 etc;
a third version of Doctor Who as synthesizing elements from the two already existing screen versions;
the Time Traveler extending his range to move through space as well as through time, as originally intended;
the coming together of heroes and villains from different series;
recognition that the Time Traveler began his voyage by departing from 1895 whereas Manse Everard began his career by traveling to that year;
the idea of using the invisible motion of the Time Machine as a means of espionage;
the idea of the Time Machine moving through space and time within a much larger TARDIS.
Although a TARDIS takes time to traverse time, it is superior to a Patrol timecycle in other ways because:
its range is cosmic, not just Terrestrial and pre-Danellian;
it provides accommodation for several passengers;
in fact, it is internally voluminous with many compartments where diverse events can happen.
In the imagined scenario, the Master makes a time journey in his TARDIS whereas the Time Traveler can travel back and forth in time within that time journey. Thus, events could become very complicated.