I have ipf and emphysema and now have large water blisters appearing on my lower legs is this related?

Possibly : If you have significant pulmonary HTN and significant right heart strain this can lead to fluid retention.

Maybe: "water blisters" can come from bad edema which can come from heart disease or pulmonary vascular disease as well as other issues. It's not that likely to be a direct result of a lung problem unless there is decompensated pulmonary arterial hypertension resulting from the lung disease.