Just an update:
Truman has been on Cyclosporine for 3 weeks now and has shown great improvement. He almost never itches or licks his paws and all of the raw, red spots on him have disappeared. After a rough start, we're no longer experiencing any side effects from the Cyclosporine. Truman goes to the vet for bloodwork on Monday to make sure his organ functions are normal and then we will start a decreased dose of Cyclosporine (from once a day to every other day) to see if that keeps his allergies at bay.
From my experiences thus far, if your bully experiences severe allergy problems that are diminishing his or her quality of life, I think Cyclosporine is worth a try. After some very unpleasant initial side effects (vomiting, then diarrhea), I am so happy to see Truman doing well and not spending all his time itching.