Matt, the loricula/ ferrugata hybrid was documented and photographed by Kiyoshi Endoh, author of "Angelfishes of the World". I spoke with him for hours through every page of the book as he's personally photographed most of the fish, including the loricula/ ferrugata hybrid he saw come in from a Phillipines shipment. It's photograph is actually included in the section on C. shepardi due to their similarities.
Just going by the photo, the fish very well could be a shepardi/loricula hybrid, as these fish probably do hybridize in the wild... The only account I know of is from aquarium fish collector Fenton Walsh, who reported collecting two of these in Pohnpei years ago... this is probably the "other Micronesian waters" refernce in Kuiter-Debelius-Tanaka. Also, flames are found in Guam, and for years fish went through Hawaiian wholesalers from Guam, so there are probably a few other accounts, but I've never seen a photo or heard a first hand account.
The reason I think it's ferrugata/loricula is mainly due to the fact that nowhere in C. shepardi's range are there regular exports at the moment, and I think that we'd see regular C. shepardi before any hybrid came up. Also, the fact that the shop owner said it was ferrugata/loricula makes me think he was either fed that from the exporter (or importer/wholesaler), or he's a pretty astute LFS owner and deduced this by himself knowing the fish was from the Phillipines.
Anything is possible of course and knowing the fish's origin would tell us a great deal... either way, it's a special fish...