first of all, it might be useful to keep in mind that "to point out" might have a different nuance of meaning than "to point up":http://www.askoxford.com/concise_oed/point?view=uk
4 (point out) make someone aware of (a fact or circumstance)
6 (point up) reveal the true nature or importance of
given this, the LEO Entry is justified, and the question is whether or not the entry is correct.
4 above is not the same as 'to clarify', whereas 6 might well be.
in my opinion the confusion arises from a feeling that 'to point up' is somehow wrong, and that what is meant is 'to point out', resulting in 'to point out' in the sense of revealing the true nature or importance of becoming ever more acceptable.
for examples of the meaning 6:
He pointed up the danger of function creep. “The Second World War scheme in the UK was for three things originally: national security, conscription, and food. By 1950 it was up to 39 uses!”http://www.infosecurity-magazine.com/news/051...
By doing so, he pointed up the disunity in his own party, blurred the image of strong leadership that he had tried to create.http://www.time.com/time/magazine/article/0,9...
given all this, I'd be reluctant to delete or change the present entry