What's interesting about this story is how it actually influenced Who canon. Prior to this, the series had mentioned Omega as the Time Lord who blew up a star to provide a power source for the Time Lords, and Rassilon, who harnessed the power of a black hole to power the Time Lords... but nothing ever said the two were contemporaries, or even that the supernova that Omega engineered became the black hole. It was Moore who first made this connection and it somehow seeped into the fan-accepted mythology even though it was never stated on screen.
When Ben Aaronovitch wrote the serial Remembrance of the Daleks, he introduced the Hand of Omega as the device that created that supernova. Again, there was no on-screen mention of Rassilon and Omega being buddies, but in the novelisation (which he also wrote), the connection between Rassilon and Omega was made explicit, obviously drawing from Star Death. So Aaronovitch had this in mind.
Ask any Doctor Who fan now, and it's accepted as virtually indisputable that Rassilon and Omega were contemporaries, but that's not what the series ever said. And it all started here.