right now we're over the cap by 55k. You cannot combine MLE with exceptions.
IMO, the ways this could go are:
A) we cut Gomes before July 1. No cap space for us. He's already guaranteed.
B) we trade Gomes (but only by himself) before July 1. We can bring back 3.03M to 4.99M. Or we trade non-simulatenously to someone with cap space, we can get a non-simulatenous exception that only covers 100%+100k of his contract (4.02M coming back or less, minus the value of the player we get). So if we traded him for, say, Beasley, we do a simultaneous one and do one-for-one. If we trade him to, say, OKC for nothing but cap space, we get a 4.017M exception.
C) We trade Gomes by himself after July 8. He can bring back 3.32M to 5.36M, or a 4.38M exception. This is probably less desirable for another team, since his 2010-11 contract is now guaranteed.
D) We package Gomes in a trade after August 23.
I think B's the most likely. He represents the ability to shave at least 2.9M off of your 2011-12, 12-13 cap. For MIA, it lets them get 3 max contracts. For NJN, gives them hope for more. For MIN, SAC, OKC gives them some wiggle room.

My personal fave is Beasley + a pick or two.
Now, let's say we just get an exception. All that can be used for is to get a player who makes <4.02M. CANNOT be used for FA's. Can be used as part of a bigger trade if you style it the right way, and may allow us to trade LMA or Roy's BYC easier. That's for a different post.