So, in that case, if the sword itself doesn't appear in Twilight Princess then the mechanic for it might.
Come to think of it, a similar mechanic was used for the Megaton Hammer; similar because it used two hands and when holding it while using the targeting system, the actions were relevant to the Big Goron Sword. That same mechanic was used in Wind Waker, but had some change due to WW's fighting engine. So, it's probable that they will include a hammer in the TP with a system that resembles WW (because TP's fighting engine is a revamped version of WWs), and if they have a hammer mechanic they might take a further step in that direction and use the two-handed sword mechanic.
Confused yet? I'll try to make it simple:
Hammer + Targeting = Two-handed Targeting
Hammer + Wind Waker Engine = WW Hammer
Twilight Princess Engine = WW Engine + OoT Engine
TP Hammer = WW Hammer + TP Engine
TP Hammer = TP Two-handed Sword + Side Quest
I don't think I can get it any simpler than that. With those deductions, it's likely that we may get a Two-handed Sword and even more likely that we will get a Hammer.
As for the Hammer, most every item used for the main quest in OoT has appeared in the other versions, including the Hammer. One item already known about in the game is the Gale Boomerang; Boomerangs have appeared in OoT and WW, but have not appeared in MM. This is also similar to the Hammer's appearences.
So, this might be just to coincidence, but maybe the Hammer will reappear in TP in a different form, much like the Boomerang.
Now I made it complex. I hope you can catch my drift by reading it.
(Please note: there has been no confirmation about a Hammer or a Two-handed Sword being in TP; this is just my speculation. The Gale Boomerang has been confirmed to be in the game.)