Judicious pressing okay?

In spite of my best efforts, I find myself setting in a sleeve with such a large discrepancy between the body of the sweater and the sleeve cap that the body section is quite wavy, bunchy, along the seam. Wouldn’t just a little bit of judicicious pressing be appropriate and safe here? I have read that one ought never to press a knitted wool garment lest it become limp and flat, but honestly it seems like it might make this seam better. I have much more experience as a seamstress than as knitter, and so many defects can be ameliorated with pressing when sewing.

The sweater in question is knitted in Noro Transitions; the gauge of the yarn varies along its length as do the colors and fiber type. The cap of this sleeve just happened to end up being knitted with the skinniest section of the yarn, and I wasn’t so good at loosening up my tension as the yarn thinned out.

Suggestions humbly requested.

I’d probably go ahead and press it with lots of steam, using a dishtowel between my iron and my knitting. Steam is fine for wool, and the towel should protect the fibers from too-direct heat.