First I thought WTF!! when I read your theory, but have to admit it makes some sence.. but you mean Regina is Simba then right? because of the pride rock reference? or perhaps Henry, but not the Wicked Witch right?
Im thinking WW would then be a “Scar like” character. In addition to being either the sister or aunt of Regina, like Scar was brother of Mufasa and uncle of Simba. That makes me think Regina could be referenced as the ‘Lion lacking courage’ from “wizard of Oz”.
There is also more Lion references coming our way with the Robin Hood storyline, because of the tatoo on his arm and we know Robin Hood is loyal too King Lionheart, in the original story.