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The more I think about it, the more convinced I am that the first company of a space marine chapter actually acts in a support role for the battle companies.

Thoughts?

I think so. "Fluffy" armies arn't all terminators, are they? As I see it, organisation is something like this:
1. Get Battle Company (or bits of)
2. Put in bits from Reserve/1st company as needed
3. Add in vehicles from the Armory
4. Go beat the tar out of the enemies of the Imperium.

The Dark Angels like to use their Deathwing all by itself.
Also, not all chapters follow that silly book by Guilliman, we Space Wolves have our veterans spread out among all our Great Companies.

and they maintain their own elites for each great company.
My chapter has 8 elite companies but they are spread across the entire area of the ghoul stars.