OK, so I've finally seen it (a friend sent it to me, kindly enough). And, I have to say, for an amateur effort, this was rather good. The animation could obviously still be improved, but I think the animated sequences realized the, well, unrealized Shada wonderfully, and the VO work for most of the characters is superb. The ones that noticeably stand out are the actors doing the voices of Chronotis and, of course, the Doctor. Chronotis, in his very limited time, sounds absolutely nothing like the late Denis Carey, and I'm not sure if that was the intention, but I chose to take it as that being the real voice of Salyevin, so it didn't take as much out of context. Its rather thankful I guess that most of Chronotis' work was already finished back then, I suppose. The guy doing the voice of the Doctor, however... well, at times he's really good. There are in fact a couple of instances where he really DID sound like Tom Baker would have. There are some other instances where he sounds like a Tom Baker impersonator, and it kinda takes you of the experience. Its not a substantial difference, mind you, but it could be improved upon, certainly. That said, the rest of the voice acting is top notch, particularly the returning Daniel Hill as Bristol (lol), who sounds virtually the same as in the finished footage. And Christopher Neame as Skagra is, arguably, more threatening in the animated sequences than in the live-action segments, but he did do well, overally.
As for the story, I think its rather wonderful, actually. In my humble opinion, its very nearly as good as City of Death - though the latter does have a better pace than this one, which I think should've been an episode shorter. That said, they're both rather exemplary Doug Adams material, despite both being allegedly hastily written - I hate to imagine the wasted opportunity that a fine-tuned, well-prepared-in-advance DW story of his would've been like, cause he SHOULD have written for the series again. In any case, this was rather good a story, and I liked it a lot. Certianly a lot more than all of Tom Baker's last season, and thats a shame for that season, obviously.
As for the Ian Levine work... Well, kudos to him for actually realizing this as authentically as possible. I'm sorry this wasn't picked up by 2 entertain, because it'd have boosted their sales substancially I think - despite owning this "pirate" copy, I refuse to obtain the 2 entertain release because I will hold out for a release and, hopefully, update of this little gem.
I regret that this adventure had to be pirated in order to be enjoyed by so many people.
fantastic. 
