Nope, Chameleon Cloak doesn't do that. I don't believe that 2 AP penalty can ever be negated during combat.
Being able to swap weapons during combat might give you a lot of advantages, if you do it right. Being able to do it repeatedly without any kind of penalty is way too convenient. Putting your equipped weapon(s) into your backpack, pulling the new ones out, equipping them - doing all that has to take up *some* of your time. It wouldn't make sense otherwise.
Right on; I wouldn't want infinite free weapon swapping - that would just make it ridiculously easy to cheese your way through the game. I just read that post about Chameleon Cloak and weapon swap and I thought it was an interesting enough idea if it could work once per battle for no AP penalty; that would give me just enough time to use one or two Huntsman skills before melee. And if it did work, I wanted to understand how it worked so I could decide if it's a tactic I'd want to incorporate. TBH, Sebille's dual dagger Scoundrel/Poly/Warcraft attacks do a sick amount of damage so I'd have to give any changes a good deal of consideration. But you know how it is, there's always someone better so you gotta be alert, trust no one and keep your laser handy
Here are the relevant points from the original post:
"Although it costs AP to swap Weapons, you will hardly notice it in Lone Wolf and we can take advantage of Chameleon Cloak’s 2 turns to swap Weapons without losing any AP."
"Chameleon Cloak – Use this skill at the end of your first or second turn to hide from enemies. Try to use Adrenaline just before and then the following turn swap to your Daggers and Cloak and Dagger into position, then pass. This will leave you with full AP (8) for turn 3 or 4 without needing to move."
Click here to view the full post I get what they're saying with the second point, but the fact is you would still be losing AP; that's why I thought maybe there was a mechanic I wasn't aware of.