It's hard to tell if the swelling has gone down because it's dark and Faran is scared of flashlights, but the good news is that there is no heat in his leg at all! I still don't feel any scratches, cuts or punctures either. We'll keep giving bute, cold hosing and checking on him. We opted to let him stay out tonight because when he's kept up alone he's paces and is anxious. I'm afraid to keep them all in the round pen together all night because I'm afraid they'll get to playing roughly and he'll get kicked or trip or something. So out they go and I'll keep my fingers crossed they graze quietly all night. :) Thanks for the advice and well wishes guys. It's very much appreciated.
P.S. Faran is still a very skittish horse, but his confidence in us is growing. He was an angel for his bute. He was terrified of the water but with a little coaxing he stood and let us run water over his leg. He's letting me walk right up to him and feel his leg all over without trying to step away or leave. :) He's being a good boy.