I would hose it off, put calf on antibiotics, banamine, and leave him alone... if he's a tame calf I'd hose it off 2x/day and put topical cream/spray on it but not wrap it.
In your shoes I *would* make sure I checked that there was no remaining wire around the calf's leg. I saw a cow at WSU's vet school this spring that had been caught in wire and continued limping for months. Xrays revealed a wire wrapped around the leg and buried under the skin....
~your decisions are only as good as the information you base them on~
Warning: MM's suggestions may or may not match with the drug label. If you can't cope with that, scroll down to the next post.