I'm going to say that Salutandoti affogo is the right interpretation as the chorus goes:
Look at those lights from far away
One more time and then
Hold me tight and then hold me tight
And it won't happen ever again
And I know tomorrow I'll be too lonely
But say now what you think
Saying goodbye to you, I drown...
If it was Salutando ti affogo, would he not say something along the lines of "Saying goodbye to you, I try to drown you/forget you" It's very confusing as there can be multiple meanings to it, can't there?