The regulation seems pretty clear: if the CFI has completed a renewal of his certificate within the 24 calendar months preceding the flight review, then the ground portion need not be accomplished. There is no reference to excusing the flight portion, and no distinction for a Gold Seal. Do you have any references to support your thought?
§ 61.56 Flight review.
(a) Except as provided in paragraphs (b) and (f) of this section, a flight review consists of a minimum of 1 hour of flight training and 1 hour of ground training. The review must include:
(1) A review of the current general operating and flight rules of part 91 of this chapter; and
(2) A review of those maneuvers and procedures that, at the discretion of the person giving the review, are necessary for the pilot to demonstrate the safe exercise of the privileges of the pilot certificate.
(b) Glider pilots may substitute a minimum of three instructional flights in a glider, each of which includes a flight to traffic pattern altitude, in lieu of the 1 hour of flight training required in paragraph (a) of this section.
(c) Except as provided in paragraphs (d), (e), and (g) of this section, no person may act as pilot in command of an aircraft unless, since the beginning of the 24th calendar month before the month in which that pilot acts as pilot in command, that person has—
(1) Accomplished a flight review given in an aircraft for which that pilot is rated by an authorized instructor and
(2) A logbook endorsed from an authorized instructor who gave the review certifying that the person has satisfactorily completed the review.
(d) A person who has, within the period specified in paragraph (c) of this section, passed a pilot proficiency check conducted by an examiner, an approved pilot check airman, or a U.S. Armed Force, for a pilot certificate, rating, or operating privilege need not accomplish the flight review required by this section.
(e) A person who has, within the period specified in paragraph (c) of this section, satisfactorily accomplished one or more phases of an FAA-sponsored pilot proficiency award program need not accomplish the flight review required by this section.
(f) A person who holds a flight instructor certificate and who has, within the period specified in paragraph (c) of this section, satisfactorily completed a renewal of a flight instructor certificate under the provisions in § 61.197 need not accomplish the one hour of ground training specified in paragraph (a) of this section.
(g) A student pilot need not accomplish the flight review required by this section provided the student pilot is undergoing training for a certificate and has a current solo flight endorsement as required under § 61.87 of this part.
(h) The requirements of this section may be accomplished in combination with the requirements of § 61.57 and other applicable recent experience requirements at the discretion of the authorized instructor conducting the flight review.