I think that is a pretty likely possibility, and while I am far from being a metal fabricator, it seems logical that rather than the individual placement of guard components into a slot in the pommel...joining the entire assembly with a ring and placing it under the pommel would be an easier bet.
I'm not sure offhand when the ring method began, but these are seen on many of the 'garrison' town versions of basket hilts for British dragoons of first half 18th c. They are clearly seen in Nuemann, Darling, Mazansky et al .
"..in 1755, in common with the three regiments of dragoon guards and four other regiments of dragoons, it was augmented by a seventh, or 'light' troop".
-""The Princes Dolls", John Mollo, 1997,p.8
This reference concerns the 10th Light Dragoons (later hussars) which were the regiment belonging to the Prince of Wales (later George IV).
The author goes on to explain that the 'light troop' was disbanded after return from Seven Years War, and that in 1759, the first entire regiment of Light Dragoons was raised, the 15th, followed by 16th and 17th, and 1783 the 10th.
It would seem that this attraction to the potential of these light cavalry units came from primarily French influences, though German military influence overall was certainly well known. Infantry sword patterns that developed in first half 18th were of German form.
The French 'light' cavalry were a fashionable and effective force, which seems in turn to have developed from their interest in Hungarian cavalry units, some of which were actually factored into the French army.
Further interest in the 'exotica' of these influences may have been the fascination with the 'pandour' phenomenon, which was a key element in the Austrian forces, made up of Hungarian and Croatian cavalry.
One of the features on my sword posted in OP is the 'clipped point' of the blade. This particular feature is of unusual character for British swords, but was known in Europe as the 'pandour point' (Seifert, "Schwert Degen Sabel",1962).
It would seem that the interest in the 'light dragoon' concept, as noted of 1755, would perhaps bring about the notion of a lighter sword resembling the sabers of these European units. Keeping to the existing style of the basket hilt dragoon swords, but keeping the 'ring' and adapting the straight backsword blade using the 'pandour point' , seems a logical 'styling' move for the swords of these new units.
As noted previously, there seems to be some notation of this type sword as a 'pattern' or model of 1756, but this of course is not widely recognized.
We do know however, that in 1759, the swords apparently supplied to these 'light dragoon' units, at least for certain to the 21st, were by Jeffries of London largely, and of this same 'four slot' guard form.
These no longer use the 'pommel ring' method and a side entry mount for knuckleguard is used.
This is basically why I am suggesting this example of four slot sword is quite possibly a prototype form for the first units of light dragoons, and from 1755-56 reflecting the influence of the European light cavalry as noted.
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