If you havent done it already I would let them grow a bit longer before pinching the growing point out of the weaker one. I let mine get 2-3" of gowth before I select one, I might be a little over cautious though. Your graft does look healthy. I would remove that lower limb coming out of your rootstock it is taking energy away from your scion.
I have had more damage result from my own clumsiness in bumping grafts than parafilm, or the like, restricting them and suggest leaving it alone. I suspect that it will slough off on its own.
No reason to remove the parafilm. What did you bind with under the parafilm? At some point you might need to cut through that, depending on what you used, but leave it all be for at least several more weeks.