Not too sure why the above doesn't work as expected but I'm assuming it has to do my assumptions involving quaternions. I had assumed multiplying quaternions was the same thing as multiplying rotation matrices but apparently not. Instead of using the Quaternion's CreateFromAxisAngle I used the Matrix's and it resolved the issue...
Quaternion qStart = Quaternion.CreateFromRotationMatrix(transformComponent.Transform);
Quaternion qEnd =
Quaternion.CreateFromRotationMatrix(
transformComponent.Transform *
Matrix.CreateFromAxisAngle(
rotationAxis,
rotationAngle));
Quaternion qSlerp = Quaternion.Slerp(
qStart,
qEnd,
_slerpAmount);
Matrix rotation = Matrix.CreateFromQuaternion(qSlerp);
...thanks.

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