According to the formula I provided, to slerp for example, rotors require lambda and theta. Whereas quaternions only require the lambda. Is there an alternative I'm missing?
Which formula are you talking about? The arithmetic is literally exactly the same.
“Slerp” just means follow a path on a circle at uniform speed (i.e. “use trigonometry”). In this case, we are talking about a circle on the conceptual unit 4-sphere. It doesn’t really matter what names we call the basis elements.