Considering that when his first wife died in 1581, he was already 41 and Elizabeth was 48, it's somewhat curious exactly what that union would have been intended to accomplish- beyond getting the Spanish upset for her marrying a known pirate,getting the Continental princes upset for her marrying a commoner in an age when monarchs almost always wed other royals at least for their first unions [and I'm not sure her Subjects would have been happy with her marrying so down as they weren't in the case of her own parents' marriage].
Then,too, Elizabeth had been bastardized from her parents' divorce right up to her own Accession [ and it's only historical retro-courtesy that she's been termed 'Princess' beforehand because not only did Henry himself NOT reverse his previous stance but neither of her half-sibs did so either despite whatever religious stances and issues they may have had with Henry] . My point being that Elizabeth was so anxious to show the world that she WAS Queen and not a bastard that I seriously doubt that she would have risked her reversal of fortune re marrying someone of such lower social status [to say nothing whether she would have thought it worth her losing her 'Virgin Queen' public stance].
. Also, it should be noted that Drake himself was married twice yet had no marital offspring [and no known nonmarital ones] so, along with Elizabeth's own advancing age, this would have virtually guaranteed this union to be as childless as Queen Mary's proved.
Oddly enough, though, Elizabeth kept teasing the Continental princes with the option of possible marriage if they did things her way beforehand [and her ministers kept assuring that she WAS fertile] well into her 50's!
