All nice psycho-babble, but ultimately, your post bears little on the acronym
Senatus, of course has a long history in Roman history, harking back to the original kings, it would seem. The word is etymologically related to the adjective senex, meaning aged and the verb senere, to grow old, leading to the so named body being comprised of elders (comparable to the Greek gerousia) as advisors to the rulers or elected officials.
In short, it is more in tune with experience and accomplishments of the members of the body, a select group and as contrast to the generalized word/group Populus.
Now, as to your curious interjection of virtus, a word not at all connected with the acronym, I am at a bit of a loss, unless it is some attempt to tie it up with Durant's manhood fixation. Interestingly enough, the Latin noun, virtus, is feminine in gender.
The fact remains that the acronym SPQR is unattested numismatically and epigraphically before the principate of Augustus. There was a discussion on this on the Classics-L list a year or so ago, in which it was shown that the full textual combination of senatus populusque does date to some usages by Cicero, but nothing that early for the acronym.