Dad arrowed a buck low and way back last year. We didn't start looking until almost 15 hours after the shot. There was very little blood, and the trail would have been nearly impossible without snow. The buck traveled 1000 yards even without pressure, and was still alive (although barely) when we found him 17 hours later. The first place he stopped was a pond 600 yards from the shot. There were half a dozen beds in a very small area, and he was able to watch his backtrail from most of them. From there he did a bee line for the river. He made it to the water and either walked or floated 100 yards downstream. After he left the river, he bedded down several times, but he circled and his final bed was in a nasty tangle of dead falls where he was watching the spot where he initially entered the river.
Lessons learned:
Gut shot deer can travel a long way, even when unpressured. I think that applies doubly for rutting bucks. They will go to water if they can make it, and they'll bed so they can keep an eye on there backtrail.
Hope you find him!