Naftuli says: I don't have the time to look this up but I would guess the commutation power is implicit in the Pardon Clause since if Presidents can completely erase convictions, they certainly can negate elements of them. I'd imagine there has been little caselaw because of the political question doctrine.
Never mind if its allowed or not. We can leave that for the lawyers. What ordinary Americans should be discussing is this: What does it mean when a president lies his way into war and implicitly or directly interferes with every attempt to investigate this by making it clear that silence (ie obstruction) or more lies (ie perjury) will never be punished?
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