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I may be misremembering, but I don't think there was any difference between the Hawk Blade and Ember Blade in the game. I think it was a missed opportunity, at least from a narrative view, to have something detailing the difference between the two. I could imagine the Ember Blade being sheathed in flame, while the Hawk Blade pierces the sky with a shrill, falcon scream with each strike.

I admit, this is one of those world-building details I like to come across, so others may not care

One of the things planned for the sequel is that Loren found the "other" blade, so now she has both. Maybe they also discovered how to unlock special skills
(even the old RPG framework allowed weapon/item specific skills but was a feature never used)

If it's not revealing spoilers,

will there be more of the "legendary" items (other than the opposite blade) in the sequel?

If so, will they be items other than swords? (just for the variety)

Don't know yet, but I don't see why not. Maybe not "legendary" as those two but surely very powerful, something like the special reward items you get in the DLC characters personal quests

There might be another set of armors and quest but i'm sure that there will be a another sword that has cool stats.
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hunting knives