Can a 3rd level Swashbuckler with Quick Draw and Slashing Grace (Battleaxe) draw her Battleaxe as a part of the Initiative check?
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When wielding your chosen weapon one-handed, you can treat it as a one-handed piercing melee weapon for all feats and class abilities that require such a weapon
Technically, no. Due to the bolded text above, it only functions as a one-handed piercing weapon when you're actually wielding it (and that term has its fair share of controversy). That said, I'd allow it without batting an eye, and I suspect almost any other GM would do the same. ^_^
(I'm 99% sure it was intended to work, and that text is just there to keep people from wielding the weapon two-handed.)