It's not about Petey being able to give the Canadian Destroyer to anyone, it's all a matter of who can take it. The whole move is done by the guy taking it, he's the one doing all the lifting that leads to the flipping, Petey just goes along with it. Trevor Murdoch did a variation of it. It's too contrived for my tastes and looks way too fake.
Either way Petey is really an average worker at best who hasn't done anything of note in a few years and is pretty bland behing the mic. WWE doesn't need guys who need polish, plus he's small and is probably juicing. Petey and WWE are both best off if he goes to Mexico or Japan.