TFS API for every save, as you have already discovered, will create a revision entry. Looking through the SDK documentation, there isn't anything at least that I have come across that would do what you are describing.
If you take a look at the WI definition you will see you can pull revision information but it is read-only:
public int Rev { get; }
public DateTime RevisedDate { get; }
public int Revision { get; }
public RevisionCollection Revisions { get; }
RevisionCollection is also read-only and sealed:
public sealed class RevisionCollection : ReadOnlyList
I could be wrong for sure but all roads point to a lack of this functionality built into the API. Save just has an overload for merge links so there isn't support for anything other than to rev the item.
I hope that helps.