RE: How long to wait
Thanksgiving Day I killed an 8 point with my Marlin 444. There is really no need to wait with that caliber. He ran less than 10 yards.
I have only had two deer run out of eye sight after the shot. But both times I immediately tracked him to where he laid and waited at a safe distance (20-30 yds). In my experience, a well placed shot means death for the deer before your regain your bearing about yourself. If you feel like you gut shot him, it may take a while. A gut shot deer will usually run downhill to a creek or swamp etc. so keep that in mind when tracking.