"Probably written" and "probably would have" make this nothing but speculation.
Therefore, its known narrative elements are not a part of the Doctor Who universe. It may have been the basis for a similar story in another medium, however — and that story may indeed be a part of the DWU.
According to the DWM# 255 article, the story would have featured the return of the Rani and would have been set in a university where she was posing as vice chancellor. A similar plot would later appear in the Sixth Doctor audio story, The Rani Elite. In DWM #255, it mentioned that the episode would have concerned stopping "A Biological Computer Virus" from taking over the world's computer systems. Other characters thought have been featured in the story were Brigadier Winifred Bambera and Sam Tollinger.