Okay, so maybe I'm completely off my rocker here, but I don't see anything wrong with his front legs. That "bump" is just his feltlock joint, it looks distorted because you're looking down on it at an angel.
He's a little cow hocked, but he's going to be a gelding, so what? I actually perfer my horses to be somewhat cow hocked. I like movement in the rear end.
As far as I'm concerned he's got two problems:
1 - He's got some big ass nuts he needs to lose and
2 - He needs to go on a serious diet.
Other than that, he looks fine to me!