... Time Lord isn't a species, probably; there are non-Time Lord Gallifreyans, and in some media non-Gallifreyan Time Lords (Leela, as I recall).

There is also one piece of precedent (a distressingly common state of affairs in Doctor Who): in City of Death an artist sketches a surreal picture of Romana (I think it's a broken clock in place of her face) and the Doctor makes a comment about it being a suitable image for a Time Lady. I may have some of the details wrong, but I'm pretty sure it's there.

What We Know Is This (TM): the Doctor and people around him refer to the Gallifreyan society as 'The Time Lords'. They also use this same term to reference the High Council. The Doctor also uses 'Time Lord' to identify himself - so does the Master, and no doubt others. The Doctor has also identified both River and Jenny as (partially) Time Lord, which indicates it can be used as a psuedo-species descriptor at the least.

But what would a Gallifreyan female Time Lord - Susan (presumably), Romana or Rodan (From The Invasion of Time) spring to mind - refer to herself as on introduction? I can't think of a reference off the top of my head, since even the Doctor never used the term while Susan was around, and Rodan would never have had a reason to - it would be like going into a shop on Earth and saying "Hi, I'm Derek - I'm human!".

General conclusion: I see the term 'Time Lord society' much like the term 'House of Lords': the members are referred to collectively as 'the Lords', individually as 'a Lord' - but without this meaning there can't be a female form of the term. It's just not used very often. (And don't get me started on 'Time Tots'--!)

hS

PS: I don't think the weird picture is ever referred to again in that story.

PPS: Am I alone in thinking that Rodan was originally intended for Romana's role? We have an intelligent female Time Lord introduced one story before an intelligent female Time Lord randomly appears on the TARDIS? Suspicious.

PPPS: Agent Morgan wants to comment: "From the heart of the continent Wild Endeavour, from beneath our burning sky, from our ancient Citadel and Capitol, we Time Lords watched over the whole span of Time and Space. We saw your sun fold itself into existence, and we have seen its final, explosive death throes. We have watched galaxies collide and burn - great interstellar empires crumble to dust and ash - entire species rise from the ooze to rise nuclear fire between stars before fading from existence. We have defended your people from a trillion threats you never knew existed, and kept the spark of life alive through the darkest ages of the universe.

"After all that? I like to think we can call ourselves whatever we jolly well please."

Just look at their hats.