As some earlier comments have indicated, it's another good puzzle to begin the year. I only picked it up today and have had an entertaining solve. I don't understand the use of 'cycle' in 33. My answer to the clue involves a villain from a children's book, not a Wagner opera.
For anyone still wondering about the two-word theme, that is simply the source of the text.
As for the phrase, I have NUTECGOKIQSTOSN, but I'm none the wiser.
Have I got the correct letters ?