最初の項目を除くすべてを挿入言葉以前の履歴エントリの場合は、次のカスタムウィジェットを定義できます。

insert-last-words() {
  emulate -L zsh
  set -o extendedglob # for the # wildcard operator

  local direction
  case $WIDGET in
    (*-reverse) direction=-1;;
    (*) direction=1;;
  esac

  if [[ ${WIDGET%-reverse} = ${LASTWIDGET%-reverse} ]]; then
    # subsequent invocations go further back in history like
    # insert-last-word

    (($+INSERT_LAST_WORDS_SKIP_UNDO)) ||
      NUMERIC=1 zle undo # previous invocation

    # we honour $NUMERIC for Alt+4 Alt+/ to go back 4 in history
    ((INSERT_LAST_WORDS_INDEX += ${NUMERIC-1} * direction))
  else
    # head of history upon first invocation
    INSERT_LAST_WORDS_INDEX=0
  fi
  unset INSERT_LAST_WORDS_SKIP_UNDO

  local lastwords
  local cmd=${history:$INSERT_LAST_WORDS_INDEX:1}

  # cmdline split according to zsh tokenisation rules
  lastwords=(${(z)cmd})

  if (($#lastwords <= 1)); then
    # return failure (causing beep or visual indication) when the
    # corresponding cmd had no arguments. We also need to remember
    # not to undo next time.
    INSERT_LAST_WORDS_SKIP_UNDO=1
    return 1
  fi

  # remove first word (preserving spacing between the remaining
  # words).
  cmd=${cmd##[[:space:]]#$lastwords[1][[:space:]]#}
  LBUFFER+=$cmd
}

zle -N insert-last-words
zle -N insert-last-words-reverse insert-last-words
bindkey '\e/' insert-last-words
bindkey '\e\\' insert-last-words-reverse