Rather than content myself with a logical refutation, I think it is important to note that in Exsurge Domine, Leo indeed condemned 41 of Luther's 95 theses. Leo did not excommunicate Luther with the promulgation of this bull, however. He gave the Augustinian friar and professor six days to recant. What I find to be somewhere between amusing and annoying is that the response was given as if I had no knowledge of Exsurge Domine. I suppose I should not have assumed all my readers would know that some of Luther's theses were condemned by the Holy See. Given that many Catholics think all 95 theses were condemned, rather than the 43% that were, it is clear I should not have made that assumption.
Maybe a more precise way of stating the matter would've been to write: "Let's be honest, if Leo X had been smart, he would've heeded Cardinal Cajetan's initial assessment of Luther's 95 theses: he did not find anything in the theses to be necessarily heretical. Certain questions arose and certain theses needed to be clarified in order to understand what Luther meant."
So, in helping to connect the dots: asking these questions and seeking clarification as to some of Luther's theses would've lent themselves nicely to an academic disputatio, which is what Luther sought in the first place. This should also help clarify what I meant by writing "the Holy See totally tubed its response to Luther..." Responses are thoughtful. Reactions are not.
Between the end of 1517 and the middles of 1520 there was also some political water under the bridge that influenced the Holy See's reaction.