@Kelmo/Whiteluck
Like, I don't think he has anything to do with Ajokli. He's just a dunyain murderer. He buys into the Whiteluck's narindar disguise, and spends all of this time imagining him as the God of murder, but we've been inside of whiteluck's thoughts, and he belongs entirely to Yatwer. What does Ajokli have to do with anything other than being Kelmo's obsession? I mean, he's a shrewd child, but Kelmo doesn't have any whiteluck that we've ever seen. He doesn't see infinite versions of himself, etc.
@Serwe:
I kind of think that she's the head on the pole behind him. Like, the critical moment when Kellhus stopped being a dunyain and became whatever he is now was when he got circumfexed. I think that was the first time he went Outside. The daemons couldn't kill him because he had a breathing body. He remembered that by remembering that Serwe was on the pole behind him. This is the earlier time that the ciphrangs are talking about when he goes out the second time to get the daemons heads. The 'head on a pole' thing is like a mnemonic device he uses to remind himself that he is alive, he can't be Damned yet, they can't get him. It is leftover from his visions while hanging.