The homonym for 'toe' is 'tow'. 'Toe' refers to a part of the foot, while 'tow' refers to pulling or dragging something behind with a rope or chain.

A hoof wearing down at the toe could mean the horse is landing toe first or dragging it's hooves instead of landing heel first which could be due to long toes, conformation, or a poor trim / shoeing job by your farrier. It would be best to have your farrier look at the horses hooves and maybe your equine veterinarian to rule out any illnesses that may be causing toe dragging if that could be an issue.

'Dragging' is the present participle of 'drag'

Dragging Canoe died in 1792.