Last night our 5 yr. old grandson dropped a pelleton weight on his little toe. it is bruised and swollen. should we wrap it and ice more?

Depends: At that age it is sometimes dependent on their need/cooperation. Chilling the site can reduce pain & swelling. Wrapping is likely of little value. If the kid wants to get up & play instead I would not hold him back. If he lays around complaining I would consider it worth the effort.

Swollen toe: For toes we usually buddy wrap one toe next to its buddy if painful. But would also get and xray to make sure not broken. Bones break easily. .