Oden's girth swellings look more like overly loose skin from having lost weight. Fat lumps are firm lumps, these look like excess skin to me. It's possible that as he would gain weight, he was getting edema in those areas instead of fat and when he lost weight, those areas would lose fluid and become flabby. Those pics you took are great. I think you are correct, they are 'swellings" in that he is retaining fluid in those areas , not fat. Again, this should correct itself as he continues to lose weight and getting his insulin in the normal range will help tremendously.
I don't know if I mentioned this to you , but I had a neighbor for about 8 years who bred and raised Fjords. She rode them, and drove them, they were sweethearts and so pleasant to deal with. She always kept their manes roached so they had that amazing wild stripe down it. She also kept them as lean as she could and I agree with Tanna about Oden needing a lot more weight off. Just like with people, it's best to do it slow and steady. Great that you've been able to get his girth measurement down five inches. Overall , he probably, IMO needs about another 100 lbs off.
I can't do this at the moment, but you should have his total energy needs calculated and compare that to what you estimate he is getting in total calories in the ODTBCs. Remember, they have beet pulp in them , which increases the caloric count in them. It will help you tremendously with getting weight off him if you can determine what he needs as calorie count. I'm thinking that you might need to do less ODTBCs and more soaked hay.
Dawn Wagstaff and Tipperary
Saline, MI 2003