<p>i think that elizabeth, william, and laura are all past lives of ms pheasant.. So in theatre she says "balance the substances of my past lives" and there is a fetus, shell, heart, and her lady of the lake hat. The hat is obviously her pheasant life, the heart could be william because his heart was one of the sacrifices, the fetus is laura because she was reborn and, as we know, she is the reincarnation of william. We know that elizabeth is a past life of pheasant because of her mask, so maybe the shell is her because she lived on an island? I don't know, but hope to find out more about how everything is connected.
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