An earlier comment of mine was deleted by a complaint from a blackmailing reader, who threatened me to go more lightly on his pet world.
This was never a great Holmes story. It is of the "take action and disguise self" branch of the Conan Doyle tree. I much prefer the scientist who deduces, ideally deducing what's going on the master criminal's mind.
Here, the story structure has four women whose lives are touched by the bad guy. They are the center of the thing, these four, not Holmes, and every sequence is set up to illuminate them not the detective. Two are women who have been successfully blackmailed. One (the redhead) not yet. The fourth sets a kind of symmetry as she is employed by the criminal and exploited emotionally not by him, but by Holmes. These four are mirrored by other women and men dressed as women in a portrayal of a sort of survivalist London underground.
Ted's Evaluation -- 2 of 3: Has some interesting elements.