[fsckboy]

no, the "saying" is "the king is dead, long live the king", because the "saying" uses the apparent absurdity of the king being dead and alive to illustrate the stability of the royal system: the people don't need to worry, they are never without a king.

yes, in a particular circumstance, if there happens to be a queen involved (rarer within agnatic primogeniture), then it would be spoken as you say, but that's not "the saying" that people generally quote.

Rarer still, but 2 Queens would have the same form as the saying, "the queen is dead, long live the queen", which I mention to mention, when the king is dead, if it's "long live the queen", it's not generally the king's spouse even if she was styled "queen", but would be some direct blood relative of the king such as his daughter. I think his wife would become Dowager Queen. The Dowager queen might rule as Regent if her children were not adults yet.

https://en.wiktionary.org/wiki/agnatic