Okay...I checked with my most reliable source (those former members out here, of the Texas Brigade, will know him as "Bob"...and he says "Hey!"), has this:
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In the painting the center figure in the red pants is Lord Cardigan leading the charge of the Light brigade at the Battle of Balaclava in 1855, dressed in the uniform of a colonel of 11th Hussars. All the other soldiers and officers are from the 17th Lancers in the blue and white uniforms with Polish Chapska headdresses.
Steed's uniform is "Hollywood". Red is fine, as are dark blue facings for a royal regiment, however, the lace bars on the collar are bogus and look like an attempt to emulate the German WWII collar insignia...His jacket looks like mess dress and they did not wear epaulets on mess dress. Hard to tell at that angle, got any other angles?
Figure is probably a Napoleonic French Hussar of 1st regiment ...the only hussar regiment with the whole regiment in light Blue, unless it is a Russian Hussar from the Crimean war, but that is doubtful, as French Napoleonic has always been the big rage.