Yeah, I would seperate it if possible. If the bleeding should start again they could peck it to the point of death. Try to seperate it with another quiet chick or stuffed animal, feather duster for company.
Are you using a red heat bulb? There tends to be less pecking issues with the red. Everything looks red under the red bulb, so nothing stands out to peck at.
Pine tar can be bought at the farm store (in the horse/equine section). It will help to heal the wound as well as discourage further pecking on the wound.