^ Oh, you're absolutely right about the other factors. I remember around 2004 all sorts of rumours about where the franchise was going and who was to take over - names like Eric Bana, Julian McMahon, Heath Ledger, Orlando Bloom, Owen and others being in the mix. There was talk of a 'one-off' big name actor to make one movie while they looked for a longer-term replacement for Brosnan.
I was quite actively involved in Wikipedia around the time that whole casting thing was going on and I helped maintain the list of actors being considered and it got ridiculously long and featured everyone from Colin Salmon to some Czech actor I'd never heard of before. I think Daniel Craig's name was one of the last to be added, now I recall.
I used to be in the pro-Owen camp but I now think that his mumbling, slightly off-beat persona wouldn't be suitable. He's better in the likes of Children of Men or Croupier as a reluctant hero than he is as an action hero in the likes of King Arthur.
King Arthur was a bit of a stretch, but there is no really "right" way to play Bond. Craig could be seen as being far more introverted a Bond than Connery; Moore was debonair and a punster. Lazenby was a kindler, gentler Bond. Owen's take might have worked fine. Or he might have adjusted his persona to fit the role.
On a side note, I just bought the Blu-ray for a BBC mini-series called The Hour starring Ben "Soon to be Q" Whishaw. I just had to laugh where twice in the opening 10 minutes his character refers to a female colleague as Moneypenny and she calls him James! (The joke is actually a bit of an anachronism for a series set in 1956; the books were out but the whole Moneypenny/Bond dynamic wasn't really established until the movies).
And based on watching the first episode of The Hour, he's gonna make one hell of a good Q. Watch him to be a contender for 12th Doctor Who as well.