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As an old 4th edition IG player there was the whole requirement for 1 platoon. I'm a bit excited to realise that requirement seems to have been lifted in this new codex.

Am I missing something here or could I potentially just field 2 veterans or penal legions or some other combinations instead as my minimum 2 troop choices?

This is correct. You can now have a Veteran Guard army (i'd suggest Chimeras for them) and not have to take a blob, if you do not want to.

Thanks for clarification

two squads of penal legion and yarrick, people will look at you funny