In reply to StefanB:
Wise to get fracture excluded.
For what it's worth I'd suggest the following:
Supportive strapping as suggested higher in the thread
Ice and compression for circa 20min three times daily
Non-steroidal anti-inflammatory as prescribed by the orthopod and if tolerated. Evidence against use of NSAIDs in acute musculoskeletal injury is weak and largely speculative, whereas such drugs if tolerated provably can and do improve pain and (obviously) reduce inflammation.
Plus paracetamol as required for break through pain
Elevation of the limb when not in use
Mobility *as tolerated* (also as suggested above) meaning no pushing through pain
There's nothing wrong with loading an injured limb if it does not produce pain; most of the literature nowadays indicates that early loading is associated with improved outcomes. It must not exacerbate pain however, so it's crucial that you start out fairly light and be prepared to stop training or indeed your race. Be aware that an inflammatory response to loading can develop over hours, so load yourself cautiously.
I think your approach is reasonable, to go on subjective feel now that fracture is ruled out. And I'd advise using an NSAID if you can: it won't mask an exacerbation of pain but will certainly improve your comfort, and make your movement more natural. This will reduce risk of an associated compensatory injury. If you're determined to race you should apply a fair degree of caution.
Luke