As cool as this theory sounds (it could make a good game of it's own) I'm going to stick with the negative argument. There is nothing aside from speculation to assert this claim, and if it were true one would expect the ending to reveal it.

Regarding Rinoa being only interested in Seifer:
She states on the forest owl's train that she attended the ball to plead with Cid for a contract. Furthermore Seifer wouldn't have been at the dance as he was being disciplined. When she says that Seifer introduced her to Cid, it was likely before the game took place in order for her to have attended the party. At the dance she catches a glimpse of Cid before leaving Squall. My point her is that she wasn't looking for Seifer at the party, and that she ditched Squall only because she had an agenda to accomplish with Cid.

The fact that she doesn't show much affection toward Squall in disc one when compared with the other discs, is more likely related to having just met him. The fact that Rinoa shows no more affection to Seifer after disc one can be attributed to Seifer becoming their enemy.