Board Thread:General Discussion/@comment-3531945-20140104120737/@comment-5398287-20140104215720

Yes, but as of right now, all that's been made apparent is that the smaller blade represents Yhwach!Zangetsu. If Ichigo starts firing Heilig Pfeil out of the blade, then your theory would hold ground. Until then, not really.

And Hollow Ichigo is an entirely different case: he was fused with Ichigo's Shinigami powers from the beginning, whereas Ichigo's Quincy powers have always been separate and simply masquerading as Shinigami powers.