It's possible... but wouldn't it make more sense if the predecessor of the Sharingan is the Byakugan? because the Byakugan was said to be the ancestor of the Sharingan? maybe Rikudou's wife was the progenitor of the eye?
It's kind of hard to say if that makes more sense, or not. The role of the Sage of Six Paths has been somewhat ambiguous... whether he simply established the standard teachings for Ninja due to his ability to manipulate all natures, or he was the 'first ninja' is a little unclear. I would say it's just as possible that the Senju/Uzumaki ancestry and the Hyuuga ancestry predated the Sage of Six Paths - the Sharingan was then a byproduct of the Juubi's being sealed within the sage.
Thus the Uchiha feel they are the direct descendants of the sage - but the Byakugan gave rise to the first manifestation of the Rinnegan.
... Although, if the following is any kind of clue:
The Sharingan follows Shinto themes:
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The Rinnegan follows Budhist themes:
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The Byakugan follows Taoist themes:
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Taoism and Budhism developed around roughly the same period (with Budhism likely developing earlier); Shinto practices didn't originate until far later.
That said - the very notion of "eight trigrams" embodies the elements. It may be that Byakugan users have a Rinnegan-like ability to utilize all of the main elements... without any kind of 'power up' (just better development by the author).
I do hope, however, that Kishimoto explains the origins of the Hyuuga and how they trace their lineage. Even if it's not back to the Sage - some kind of relatively sensible origin for their eyes would be appreciated.
