Pterelaiis has a name very similar to the one above. He was king of the Taphians, and a son of Taphius as well as a grandson of Poseidon. His distinctive feature was a single gold hair which, so long as he bore it, would ensure that he could not die; as soon as it was pulled out, he would die or a city would be captured.
If we regard this hair as a 'feather' (pteron), then we can perhaps see the name as meaning 'feather release', from pteron and luo, 'to release', 'loosen'. Admittedly, this is not too convincing, but any other interpretation is difficult.