I am taking that you are past the stage of hot tubbing and Animalintex and you are just wrapping for protection, what we do here is soak some gamgee in a iodine based solution pack the cut away area with it this will also help harden the foot off, cut another piece of gamgee to fit your horses foot wrap with a comforming bandage and then vet wrap after that wrap the the sole of the foot using some Gaffer tape double up on it if you need to. Yes Vet wrap is expensive stuff but anything for the treatment of horses is, also you will have to change daily for awhile but at least you will be keeping an eye on the problem and flushing the foot clean with salted water (Epsom Salt if you have it) and letting the sole of the foot get some air to it. I have seen Farriers put pads under the shoe on some horses feet in some cases they have been know hide a lot of other problems if your Farrier or Vet are not around to monitor this, here in the UK only a Farrier and a Vet can shoe a horse and i have been around horses for a long and i am yet to see a Vet do this, yes you can take a shoe off if it is sprung, loose or moved but you cant put it back on it, illegal here. We have a saying no foot no horse.
Hope this helps
JCUK