I have something similar, except my pinky toe rides ABOVE instead of below. So it gets pretty beaten up in shoes that have narrow toes boxes or if the material's not JUST right over there (And all my shoes have "bumps" on that foot - and I get holes on mesh shoes). Several aunts have the same "mutant" toe, and one was really bugged by it, had surgery three times, never could get it corrected. So I've given up any thought of trying.
I have been hiking in Vibram Five Fingers Treks. I love them. It holds the pinky toe separate. It's a little weird at first, but it seems to be ok. It does get sore after three or four 10-15 mile days, but not unbearably so. (No blisters or anything, just sore, I guess from keeping the pinky pulled out.) I honestly don't know if longer trips would escalate or if it would be ok (I sort of suspect it would be ok). (Note, I actually don't have problems with normal footwear usually - I started hiking in Treks for other reasons.)
Anyhow, I think they're worth a shot. To get your foot used to them, you sort of need to walk around inside/at home in them for increasing amounts of time - DON'T go out on the trail in them without doing this. Bonus is, you can see how they do with your toe while only wearing them inside, and can return them if they don't work with your anatomy.