Well, I was bored, so I came up with this.
I'll edit onto it as more ideas come to me.
First, there would be the effects. My idea is that each release is effected by how you have fought your entire time here.
If you used a lot of damaging Kido, or items that did that, you get another bar for Kido based attacks (ie. Getsuga Tenshou). If you use healing Kido or healing items, your release will heal you by the amount of damage your opponent takes from your attack. If you mostly did nothing but attacking, your power stats will increase by a little.
Now for the actual event. This part is rather weak.
You have to have this before a seated Shinigami rank to get this, as all seated Shinigami can release their swords. Maybe you have a fight with an enemy with your stats (comparable to Ichigo vs. Ogihci during the Zaraki fight). If you lose, you hear a voice from your sword saying "Your ears are still blocked." When you win, you would see a screen with Zangetsu's little speech during episode 20. When it shouts "NOW SHOUT OUT MY NAME!" you get a text block at the bottom so you can name your sword (I imagine these would be censored).
Feedback? Help on how to make it better?