I think it would cheapen the integrity of the series by making the once great principle character a tacky, gawdy, anti-intellectual, tabloid headine grabbing gimmick worthy of Russell T. Davies at his most insane.
But I bet plenty will think it'd be camp and funny.
Yep, that sums it up exactly.
It would be a gimmick, plain and simple. Time Lords and Time Ladies have a fixed gender, period.