Unlike other creature types in Magic that are each only one word, the two words "Time Lord" represent a single creature subtype. Time Lord is the only two-word creature type.

Usually, a historic spell won't have any targets. However, if it does have one or more targets, those targets will remain the same for the copy. You won't get to choose new targets.

Neither "Time" nor "Lord" are creature types. Some older cards were printed with the subtype "Lord," but all of those cards have updated Oracle card text that removed that type.

If an effect instructs you to choose a creature type, you may choose Time Lord.