As far as I know, it is common practice, there's plenty of unused stuff for Dragon Age: Origins too for example. KOTORII was kinda more unused stuff than used though, so that's a special case I guess.
And I do remember some previews touting Victor as a companion, yeah, though honestly, I think the way he is right now works. I wonder if it can be restored with a little GECK fiddling though...
I remember Zoraptor looked a little around the files, and find some things that were, well, not cut but rather changed in the final draft of the game. Maybe you could ask him?