The Doll Market has Queen Elizabeth I by Madame Alexander on sale for $189.97 (retail $259.95), from the History of Fashion - Couture Series. I have to confess, she was one of my hopefuls for a while, when I was collecting the Tudor wives. I thought she'd be a great addition to Henry VIII's wives, actually, as Anne Boleyn's daughter.
I think her outfit is more than lovely, and actually, appears to be historically accurate. I think she's quite wonderfully done as a doll as well. Madame Alexander 16" sculpts seem to have a very serene feel to them.
If you haven't ordered from the Doll Market before, I can recommend them. They are very nice to work with, and they also have flexible lay-away plans, too. Additionally, they've recently added quite a selection of ball-jointed dolls and Pullip to their robust line of inventory.