It could also symbolise an "out with the old, in with the new" mindset of the Empire: the replacement of the "old" regime (the Tsaesci potentates) in favour of the "new" (the Septim dynasty).
(Granted, there's a few years unaccounted for there, but it's the symbolism that's important: the Second Empire is being stepped on by the Third).
I like this idea. Even when Tiber Septim, Emperor Zero on anyone other hasn't been held responsible for end of Second Empire, which this statue would seem to suggest. Was there any known faction behind Assasination of 2nd Potentate? I recall it was some noble group, but i could be wrong. Could this be some event from Hjalti's/Tiber Septim's campaign against Nords or campaign with Nords?
To me it seems that Snake is just coiled under Talos. I don't get impression that cape and Snake would be one and another. Plus. There's no hole in chest of Talos. Something is there but it doesn't seem to be hole. So in that sense i don't get feeling of Lorkhan from that pic.