Hey Fizz, I'm sure he will be fine. If the worst case scenario is toe amputation then that's not as bad as it seems. Cats have a natural ability to re-adjust their balance. He wont be too badly affected by it if they do have to remove it. That's better than having it sore all the time. Nothing worse than seeing them in pain.
Hopefully it wont come to that. Give him plenty of TLC. I'm sure your cat is as pampered as mine. Mine get treated like the kids in here!
Take care.. I'm sure he will be just fine. Keep us up to date on his progress though.
EDIT: And don't worry about him having a missing toe. Just look at
Kizzy the 3-legged cat. She's doin alright for herself!