You're right, that is true however, that 2-way deal still counts against the 50 total professional contracts a team is allowed to have. Penguins have 48 currently so he'd be #49. That's probably fine but still, we shouldn't be signing guys and adding them to the total unless we are sure they are going to be productive, impact, helpful players.
Now, yeah, if he goes to the AHL that makes things easier on the cap and if he jets to Europe, obviously, that solves it. My thought, though, is that if Europe was a good place for him, he would be there already.