Well, if a Ranger has a rod in his leg, but is still fully functional, I don't know why they would take him off jump status...
You're right, because accession and retention standards for service are different. Qualified SM's, if determined to be able to meet their duty requirements, are given much more leeway to remain in their current MOS. Hence SOF personnel can continue in their duties with prosthetics, but a new recruit is automatically ineligible to enlist.
However, for the OP, a rod in the femur may not REQUIRE a waiver. Note the following:
AR 40-501- Ch. 2-11: (2) Current retained hardware that is symptomatic, interferes with proper wearing of protective equipment or
military uniform, and/or is subject to easy trauma, does not meet the standard (V53.7). Retained hardware (733.99)
(including plates, pins, rods, wires, or screws used for fixation) is not disqualifying if fractures are healed, ligaments
are stable, there is no pain, and it is not subject to easy trauma.
The problem is the definition of 'easy trauma,' and that's where the specifics of your history and the information presented to the MEPS physician makes a huge difference.
For Airborne/Ranger duty the following is most relevant:
The causes of medical unfitness for initial selection for Airborne training, Ranger training, Special Forces, and Reconnaissance and Surveillance Leaders Course (RSLC) training are all the causes listed in chapter 2, plus all the causes listed in paragraphs 5–3 and 5–4... (9) Retained hardware that is integral to maintaining fixation or stability, or presents a risk to mobility or a risk of further injury by its presence.
This is a much higher standard.
Based on regulations and spending days wrangling paper getting guys to these schools, I would say the OP's chances for enlisting aren't very bad, but the chances of going Airborne are slim; to RASP, none.
For the current member of Ranger Regiment, it really depends on his recovery, but given the normal history of femoral rods, he is less likely to lose jump status. The wiggle room for current members of Ranger Regiment is far larger, because it's a good idea to keep anyone who can do the job in their current position.