Well, I'm guessing the bracelet isn't designed for a toddler, so the concern should be the exposure risk for an adult. Personally, I wouldn't mess around with it because I'm a bit paranoid about, well, everything. But unless he's going to leave the bracelet where kids can chew on it (if that's the case, yeah, find something else to make jewelry out of, or do castings), I think his only concern is whether it will leach through his skin and poison him.

If your kid goes up to random strangers and sucks on their wrists, that may be a sign he/she has already been exposed to lead.

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1987 300D, arctic white/palomino--314,000 miles
1978 240D 4-speed, Euro Delivery, light ivory/bamboo--370,000 miles
2005 Jeep Liberty CRD Limited, light khaki/slate--140,000 miles
2018 Chevy Cruze diesel, 6-speed manual, satin steel metallic/kalahari--19,000 miles
1982 Peugeot 505 diesel, 4-speed manual, blue/blue, 130,000 miles
1995 S320, black/parchment--34,000 miles (Dad's car)