I had the same injury last summer, and mine was considered very severe. The inflamation of the ligament and of the "funny bone" was visible to the naked eye from a couple of feet away. I have discussed this on this site, and I received a lot of great advice, yet none was better than to REST, which you seem to have done. Now, while you seem to have completely shut down your upper body, I had just stopped throwing, but had continued to lift and every thing that did not involve throwing a baseball (I even threw a football). After about three weeks or so, my inflamation had visibly shrunk, and it completely subsided later as in football season, since I am a QB, I did not throw a baseball.
Sorry for the long message, but to sum it up I believe your rest sounds sufficent, and if it was visible inflamation, you should be able see. Regardless, you should be able to feel it. Put your finger over that area and curl your elbow and then straighten it. I used to feel the ligament stop, and then seemingly get forced over the bone by my arm extending, and it felt like a "click" so to speak. Now though, that click is much less noticable.
Feel free to PM me if you want to discuss this more thoroughly.
