The species is sexually dimorphic- males and females are different and quite variable in their markings. The pectinate antennae indicates this is the male.
Yes, T. phalarota certainly is a variable species. But I can't find a single specimen amongst ANIC's many that has the narrow subterminal line that this one does - T. phalarota rather has a small white patch on the middle of the termen. But on the other hand I can't match this photo anywhere else in the Arctiinae.
Yes, only perhaps one or two on the ALA had white extending to a subterminal line - and none to the extent this one shows. But nothing else I could find was close.
With the foreshortening of a dorsal view, and limited resolution, the labial palps would be hard to discern, as in Ken's photo at http://lepidoptera.butterflyhouse.com.au/wing/callichrysa.html
I can't see palpi to comment either way either way on their form. But Cosmaresta callichrysa males have unusually long cilia on their antennae (as at least some other Cosmaresta do), and all the wing pattern elements visible on these photos match C. callichrysa specimens closely. The fine cilia show more accurately in the second photo, even though it is less focussed. I think there is some shadowing that makes the rami seem artificially thicker in the first photo, reminiscent of Lithosiini.