Hey there,
I'm Ritchie. I'll try to answer the questions to the best of my ability.
Once your character template has been accepted, feel free to start RPing! The school is there for learning certain things, such as how to make a good villain, etc.
No question is too stupid. Basically, aside from the canon timelords/ ladies, if we allowed everyone to make a timelord, everyone would do so and there would be a flood of them, where they are all supposed to be locked up in the time lock. (Correct me if I'm wrong, other admins)
I guess not having an overpowered character, such as those that cannot be affected by anything, in a sense, would be one of them?
Hope it helps ^.^