Correct me if I'm misunderstanding the injury, but he is playing through the pain for now, but they are hoping the fascia tears completely. Once he returns from that, he should be relatively pain-free. But that means he would miss at least a couple weeks right?
The timing really scares me. I can see him play for a few weeks, then the fascia tears (or they do it themselves), and have him miss a few weeks to be fully healthy in time for the playoffs. Just in time to be out for fantasy playoffs.
I haven't thrown any offers out yet, but I'm giving it strong consideration, especially with Reed as backup.
I sold Graham last week, and while it cost me a win, I still don't feel I made the
wrong choice. Partially torn fascia is considered worse than fully torn. So for now, it's a pain tolerance issue. You have to figure he'll be limited in practice and always in some state of agony as he guts it out. He might be advised as you suggested to get it completely torn and him to rest for the real playoffs. The pain tolerance might get to be an issue. The reduced field usage has to be a concern regardless of the TD production, which is tough to count on with limited snaps.
It's great that Graham still has value, but I'm too nervous to ride him out. But I'm a pretty risk averse FF owner. So take that with a grain of salt. JMHO.