I have to admit that my favourite version of the Time Lords is the unknowable and all-powerful gods from The War Games. In this story, the Time Lords are dangerous and omnipotent beings who can slow down time and punish those they see as criminals. I like the idea of the Doctor being the runt of the litter, on the run from his own mysterious race.
Since then, of course, they have become the “dusty senators” we know today, a race of conniving politicians and academics trapped in their own set ways of doing things, save for the renegades who escaped an eternity of monotony. Then came the Time War and the Timeless Child, bringing about their extinction save for a handful of people. The question is, can you tell your Rod of Rassilon from your Eye of Harmony? – Code Nine x