[Mysterious Dark Lord v3.2]

I suggest locating a copy of the graphic novel League of Extraordinary Gentlemen: The Black Dossier. While the action takes place in the 1950's, there is a lot of background material about that world's Glorianan Age.

In that world, instead of Queen Elizabeth I, there was the reign of Queen Gloriana - from Spenser's Faerie Queen. The Tudor Age in that world was ruled by a Faerie aristocracy that was eventually hounded out by Cromwell and his Puritanism. Her reign was looked back on by future generations as a Golden Age for England. There should be some useful material there.

Also, consider the possibility of Victoria as a changeling. If you read the historical accounts of her conception (retold succinctly in the Brittanica-6 supplement), Queen Victoria's birth was the aftermath of a series of unlikely events. It might be feasible that Baby Victoria was either stillborn or never born, and the Faerie Folk (either in collusion with humans or of their own initiative) slipped a changeling in to become heir to the throne.

As for Dwarves ... the mythologies with the largest amount of dwarf-related material I know of are the Germanic, Norse, and Slavic mythoi, and all of those describe them as crafters of magical devices. So you could have them as a hard-working and skilled Germanic and Slavic proletariat filled with Socialist or Anarchist ferment and ready to erupt into revolution.

Oh and if possible ... don't forget airships! Mythic Victorian wouldn't be the same without airships!