It might, but it's important to get him examined first. It would be best if his cage was out of the reach of your cats, as felines carry a bacteria on their claws and teeth that can be deadly to birds.
I have to tell you...as they are prey animals birds will stubbornly hide injury and illness until it gets quite critical. My parrot managed to hide the fact that a microfibre was wrapped so tightly around his leg it was cutting down to the bone...so even though your lovebird is not favouring this foot, that doesn't mean it's not really bothering him.
I suggest trying to get to the avian vet, despite the distance. Honestly, it could be a matter of life or death...or at the very least, loss of limb. But if that won't work out, then go to your normal vet, or perhaps see if there is someone closeby who specialises in exotics. It's better than nothing.
I also agree that you should get rid of the little ridged perches you are using and look into getting some rope perches, more natural wood perches, and at least one "pediperch". Parrots can develop foot problems if they don't have enough variety in their perches.
Good luck and let us know how it goes...