Yes bald cypress do like somewhat of an acid fertilizer, which is something I give mine all the time along with my procumbens junipers.
If you don't have much branching at this time, you probably will next year.
It's also not necessary to keep it in a tub of water. Of course the knees will like it but it's not necessary for the life of the tree.
When your new branches begin to pop out, let them grow long so they will thicken up to match any others that are of any thickness.
