If you're going for putties you can sculpt them in putty but remember they're wound on, not little tubes (possibly too obvious but there are a number of commercial pieces done the wrong way!)
You can make a strip of something and wind it on if sculpting seems like it might be a little tough to pull off. I've seen it done in lead foil or possibly aluminium foil and you could even try a type of plastic (maybe that untearable stuff they make some luggage tags out of now - I've kept some to try for this sort of application) and maybe even paper. You need to form the underlying leg fairly accurately to get the final shape to look right; if the material you use is a little thick make the leg skinny to compensate.
If you're going to wrap then I think it's best to use thinly-rolled Kneadatite as this doesn't require glue to fix it in place and it stretches to sit snug to the surface, replicating the look of the tight binding better IMO (it's unbeatable for wound bandages as there's nothing thinner). It's tricky though - you have to mix the putty, maybe flatten it a bit to begin with then let it set for a while (roughly half the working period is about right) then roll it thinly - but not too thinly, it will stretch a bit - let it nearly complete curing, cut the strips - a little wider than final width, again because it will stretch - and then wind them on during the last short period where it's still just workable but won't easily get fingerprints on it. You have maybe a half-hour window to work in, max, so you don't have to panic but cut lots of extras as it's easy to screw up :lol:
Einion