UEFA have sensibly given themselves a month to sort out a fix for this.I fully expect UEFA to find a way to let palace be in the Europa league, but I don't see how you can claim to not be involved in the administration of a club "in any capacity whatsoever" when you are a director there
With their influence at UEFA, the Premier League are just too big and powerful to have one of their members excluded.
But as you rightly allude to, the 'solution' to Palace's Europa participation is going to be a fascinating read. Palace have taken a gamble by briefing a lot of the UK media that there is nothing to worry about, but I think that almost helps UEFA with the ruling as most people expect a favourable outcome for Palace.
A modest financial fine for missing the 1st March deadline will surely be the outcome at the end of the month.