That's precisely the point.
The rule says that if it's within the power of the committee to deal with—and I'm paraphrasing here—then the point of privilege must be dismissed. The committee would be free to deal with the substance of that issue in due course. However, in this instance, we have both the letter from the law clerk and the direction coming directly from the Speaker of the House of Commons that, in fact, this matter should be dealt with by the committee. That direction should prevent this committee from going through the exercise of finding that there should be a report submitted for the House to then consider.
The whole point of both the Speaker's and the law clerk's directing the issue to the committee is for the committee to deal with it, not for the committee to bring it back to the House.
There's a reason that these rules exist. This is not procedural trickery. We're actually trying to have the right group or person make the right decision. In this instance, the committee should be empowered to find whether the redaction complied with the order that has been issued by the committee. According to Bosc and Gagnon's description of the rule, you should be required to find that this is beyond what should be permitted through a motion that's been debated on a point of privilege.