I'm glad that you're all recording these for posterity, because then you can compare with yourself a hundred pages down the line.
Anyway, crazy theory: Lord English is summoned at the death of the universe, but due to stable time loops and time apparently being so malleable that you can access it non-linearly, he's already been born and is already here. However, where is he? Why isn't he fucking everyone's shit up?
I'm thinking that Sburb is actually meant to contain Lord English, as opposed to acting as part of his grand plan. While Sburb has seemingly gone on for many iterations, there doesn't seem to be any evidence of any players outside of the kids and the trolls, and I'm thinking this is a point of notable mindfuckery. You see, I'm speculating that there AREN'T any players outside the kids and trolls, that the two worlds are being used by Sburb to fulfill an ulterior motive.
What I'm getting at is, Earth and Alternia are connected via stable time loop, once the kid's supposedly lose their game, Alternia ends up getting created, the trolls lose, and then time loops back around and creates Earth again, where the loop repeats. In this sense, Alternia and Earth are in eachother's past and future, and that this is exactly what Sburb was originally created for. With the entire universe trapped in a stable (unstable?) time loop, the universe will never die, and if it never dies, then Lord English remains trapped forever, which is why he hasn't made his appearance yet.
There's a reason the game seems impossible to win, and that's because that's how it was intended to be, because winning the game would mean jeopardizing the time loop, thereby allowing the conditions that summon Lord English.
Then the only question would be who created Sburb/Sgrub in the first place, which I think might be related to the frog temples somehow.