The difficulty you face is that your claim does not rise to the level of a legitimate claim in products liability unless and until you can reasonably demonstrate that the product was defective and provided an unreasonably dangerous condition for a consumer. The obstacle you face is trying to show: 1. that it was designed or made negligently; 2. warnings were inadequate (you hinted at this); 3. it should not have been used for the purpose to which you put it, but you were not so warned; or, 4. it otherwise should not have been sold in its condition or sold to you. Additionally, the defendants in the case would surely seek to demonstrate that the failure of the tool resulted from your misuse or abuse of it, rather than a design or manufacturing or warning flaw.

Trust me when I say that pants would not have minimized your injury in the least. Cut-off wheels are not stopped by fabric, so a warning to wear pants would be pretty meaningless, wouldn't it?

As crass as it sounds, you should be counting your blessings that chunks did not penetrate your eye or your abdomen or some other very soft and sensitive area that would have resulted in a lot more damage than a lacerated ankle. You need to face the fact that accidents happen, and they are not always someone else's fault. Unless you can prove negligence by the manufacturer, distributor or retailer, you have no case, despite the awful damages you suffered.

I hope you heal quickly without any long-term disabilities and get back to your work or hobby without continuing fear of using powerful, but inherently dangerous, tools.