This is just about right. I may need to reduce the amount of Maraschino a bit, since not everyone enjoys the strangely spicy flavor as much as I do. Otherwise, I think it's delightful. Works out to around 40 proof, so think schnapps when deciding how much to drink. If serving to a crowd, I think I'd pre-mix the first 4 ingredients in bulk, then add the lemon juice and boiling water just before serving. This would reduce the amount of fiddling required. I think I'll try this out on the family at Christmas... in small cups.
PS: I've submitted the recipe to drinksmixer.com. (not listed yet) As of today, Google shows only two hits on "Yule Toddy", both apparently referring to a toddy drunk at yuletide, not a specific recipe. I'll be curious to see if that number increases.