Agree with reason number one.
As for two, I disagree, If Wood were pitching well he would be recalled this year if he looked like the best option. And the bullpen DOES need 2-inning relievers. The 40-man spot is a non-issue for this year as lots of people go away at the end of the year. It is a minor issue over the winter, but remember we are just rotating fungible arms and reserve outfielder through our last 5 spots lately. We will not need to protect that many this winter as well.
Wood would not use an option so it really does not affect that option clock dramatically. They'll have 3 starting with next year anyway and he'll be in AAA at worst next season. I think you overstate the negatives on Wood especially after watching our mediocre bullpen blow games and the lack of decent 2-inning pitchers down there.
If Wood were pitching well we'd want him up here is September.