I know I am a bit late on this but I thought I'd put my two cents in anyway. I had severely bowed legs when I was a baby and toddler. I had braces on my legs as a baby and then when I was about 4 or 5. My mom always talks about what a horrible experience it was for us. She said that I would cry something terrible whenever she put them on and I would get them stuck in the crib at night and be all twisted up. One night she couldn't get me out and she ended up taking the whole crib apart.
The 3rd doctor she consulted after the first two sets of braces told her that my legs would straighten on their own as I matured. He showed her a family of 7 children that had very bowed legs in babyhood and as they matured their legs straightened out. She never put me in braces again. My legs are straight and work just fine. (I am a little pigeon toed but I think it is unrelated to the bowed legs).
I am sure this will be the case for your child. I would still err on the side of caution though just to be safe.