Where does the water come from when you press on the bump - from the eye or the blister itself?
Has he been sick with some respiratory symptoms lately or has he been around any other sick birds?
Sound like he's slowly improving. You're doing a good job taking care of him.
If he doesn't seem bothered by you lightly massaging the leg, then try that for a few days and see how it goes - you never know until you try.
Keep us posted on how he's getting along. Updated photos are always...
Does he still have bruising?
Looks like his face/around his right eye has been injured a little as well. Was he fighting with an older rooster by chance when this happened?
Work on getting him to eat, try giving him soaked feed, see if he likes that better. Bits of egg, tuna, sardines or even...
Good advice from @Eggcessive I'd follow her recommendations and get the vitamins into him.
To me, it looks like some bruising, so hopefully he'll be able to recover.
What are you feeding him? I'd feed him chick starter and an all flock feed that is 18-20% protein.