I didn't realize that the cut of was May 5th so on the face of it can't see how he would qualify but they will almost certainly give him a start as publicity will overcome safety. If I remember right they let him start when he turned up late for practice a few years ago and hadn't qualified. 
The mountain course licence was introduced to stop the 'gentlemen' racers who only did the TT year after year and kept the event going in the lean times but were unfashionable. Now we have bsb riders parachuting in (with mixed results) and everybody else having to wobble round places like aintree and three sisters to get signatures - places where the skills, mindset and bike set-up are completely different from the Island and irrellevant.
So by my reckoning Guy fell off at his last race (Ulster) before his 2 year break, he then fell off at his first race back at Tandagree, I think he got 2 signatures at cookstown.  At scarborough he was well out of it and packed in - nil pionts? At the NW he was poor- I saw him starting from the 2nd group on the Wilson Craig Honda and got passed by a couple of club racers (both yorkshiremen thank god) and didn't look very interested.  I think he might have had a go in NZ at chrimbo on that Martek thing but not sure if he finished.  So as far as I can see he has 2 sigs no doubt someone will correct me if theres others I don't have any interest in roundy roundy racing so he might have snuck a bsb round in.
I have nothing against Guy I just think that when you have a 'safety' rule thats caused a lot of good guys to retire or exposed them to loads of expense and hassle it shouldn't be over-ridden except in exceptional circumstances and looking at Guys recent history, letting him loose on the problematic Blade is a massive risk. 
The current CoC is the best one I can remember and hopefully he won't let PR override safety, I wonder what they would say if Dave  Madsen-Mygdal didn't get hiis sigs in no doubt he would be booted straight away