Well, there certainly are other Time Lords in The Three Doctors', but we still have Time Lord (The Three Doctors). There are several of them in The Deadly Assassin, and yet there are Time Lord 1 (The Deadly Assassin) and Time Lord 2 (The Deadly Assassin).
IMO, the main concern about this should be: is there another unnamed Time Lord in The Eleven (audio story) other than the one we're discussing on this thread? Well, at least let's question ourselves this: is there another unnamed Time Lord in this story that's likely to get a page? (with this, Time Lords who only chatter in the background and stuff like that)
If the answer to both of these questions are "no". I don't see a big problem with Time Lord (The Eleven). However, if there indeed is another Time Lord in that story which warrants a page, perhaps Renegade Time Lord (The Eleven)?