I'm not fully onboard with you on this one, but It's a very good theory nonetheless.
I mean I dont 100% believe in it. But I think its a very good explanation.
- As of now the Advanced application of Conquerors utilises AdvCoA. There must be another form that utilises CoO to make it fair.
- Conquerors was the key for Luffy deep penetrating Kaido's skin. CoC itself causes explosions on usages
- CoO is stated to sense the hearts of people. Shown by Orohime. It also can read thoughts possibly (I believe Fuji did this).
- We know Shanks used CoO to aim his CoC black lightning....so CoO was already in usage.
If we combine all the evidences we have here....its that a new application of AdvCoC could be formed using AdvCoO instead of AdvCoA. This allows the user to sense and target the users heart or mind....with CoO. Then use the penetrating power of CoC to attack it causing paralysis.
This woukd require precision and amazing aim of your CoO. And powerful and amazing control over your CoC