For what it;s worth, I had this injury in my right knee several years ago in my early 20's. I was about the same age as Bledsoe is now. It's painful, but with proper rehab and no doubt he will have the best people working with him he should come back without losing a step. The tricky part is not coming back too soon. Any pain in the knee under any circumstances means he's not ready to get back to work. This varies from person to person, but there is a chance he could miss the rest or most of the rest of the season. I believe if memory servers it took me 2.5 months before I was back practicing (martial arts) and 3.5 before I competed again.
I doubt this will effect his free agency. I suppose other teams might think twice before offering him a contract, but if we've learned anything, there's always at least 1 GM out there that will make an offer the rest of the league and it's fans find unbelievable.
I think he'll be fine, his youth, build, and hopefully his motivation will go a long way in his ability to recover 100%.