This is a good model for many nerve injuries.
Nerves heal VERY slowly, so be prepared to see no visible sign of healing for a long time, probably months. In my experience, once you start seeing improvement things move quickly.
Just wanted to encourage you not to give up on the splint idea. There are different types of splints and perhaps some are used with greater success than others. The type of splints shown in the link Critters gave you is made of a kind of material that can be molded to a different shape if heated. Also, I don't know if you had a chance to read the fitting instructions on the website, but here are some of the tips:
* * * *
"Fitting Tricks and Ideas:
Try slipping a cotton stockenette or tube sock on the animals limb first, then apply the splint. This will help with any sliding problems and increase the overall comfort of the splint.
You can use a light layer of VetWrap or Vet. Sticky Wrap on the animal leg first and then apply the splint. This will secure the fit nicely.
If the animal suffers from Nerve Problems or Paralysis Issues, try messaging the limb for a few minutes before applying the splint."
* * * *
As you can see, these splints are used for nerve problems and paralysis issues as well as other conditions.
Another possibility you might consider is getting a boot to protect the foot. There are many brands of dog boots available. I am particularly thinking of a brand called ProActive Paws. They make special boots for Dogs That Drag Their Claws and for Dogs That Drag Their Paws. Click the link below to see them. I had a problem with my dog dragging her claws and wearing her toenails down so I ordered some of their boots. They definitely stay on, and they custom-make them to your dog's measurement. Please do not be put off by the fact that the company is in Ireland. I found it easier to shop with them than with JCPenney. They took my order over the Internet and began making the boots while I mailed my U.S. check. They shipped my order without even waiting for my check to clear and it arrived very quickly. If you email Elizabeth, you can see what they can do for your dog.
A trick when buying a dog boot for a dog that drags the foot is to put several layers of duct tape over the toe of the boot where it drags and let the dog wear through the tape. Then rip off the worn out tape and put on new layers as often as needed. This keeps your dog from ruining the boot itself. If you get boots from ProActive Paws, they will be gortex (or something like that) with an extra layer of suede leather over the area that drags, but I still recommend you put duct tape on so the boots last longer.
For right now, while you are waiting for your boots or splint to arrive, I highly recommend vet wrap. We went through miles of it here when my dog was dragging her back feet. It's that bright colorful stretchly ace bandage stuff they use at the vet. You can also buy it at PetsMart. It comes in a 2" width or a 4" width. Very important not to wrap it too tight! There has just been a case here where a cat is facing possible amputation because the vet himself wrapped a foot too tight with vet wrap.
If your dog is big enough, you could also improvise with baby socks or whatever you can think of to protect that foot. I seem to remember someone using a baby sock and keeping it on with vet wrap around the ankle. I imagine you're going to need to limit his walking for a while till he's past this problem.
During his recovery, it would be well to help him exercise his leg. Bicycle it through the full range of motion a number of reps twice a day to keep it flexible. I think I'd also try to position him to stand so he's bearing some weight on it, even if he can't feel what he's doing. That may preserve some of his muscle tone. The muscle will come back, don't worry. My dog (rear paralysis) went 9 months before she could walk, but she eventually did. When your dog begins to use the leg again, you may have to work with him to help him place his paw flat if he has a foot drop for a while and knuckles under.
Remember he is healing a little bit more every day, even if he looks the same. I agree with what Critters said. With my dog with rear end paralysis, it seemed like she basically stayed the same for about 9 months (doubt you'll have to wait that long) but when she began to get back the ability to walk, she progressed much more quickly than the seemingly slow pace before.
CLICK HERE for dog boots
I just found your post today but we're clearly dealing with the same injury. I'll let you know if i find anything else awesome.