I2C addresses are confusing, as they are really only 7-bit and the extra bit
is the Read/Write bit. So to read a value from a unit with address 7 you
use "address" 0x0e, to write it 0x0f.
So your AM2320 has an address of 0x5c which fits within the range 0-0x7f
which is the allowed range.
Having said that, quite where you get the idea the there is an additional
restriction I have no idea - I have never seen such a restriction - please
provide a reference.
I am also unsure where you get the idea that the AM2320 is an I2C device.
From all I can find in the datasheet although it is a single wire device, it is
not either 1-wire or I2C compatible. You will need to take the arduino code
which controls a GPIO line and convert it to use the BBB GPIO interface.
Remember also that the arduino code relies on being able to do precise
timing, and unless you are writing your own device driver or using the PRU
that is going to be difficult with linux which might go off and do some
housekeeping at an inopertune moment.
David