I would add an new mental twist to your practice. First, if the problem is in fact water filled blisters.... FIRST, LET THEM HEAL. Then don't play more than your pain will allow. There is an upper limit to how much tender finger tips can endure before you can blister yourself.

Then start working on holding your strings with just enough pressure to make the string sound clearly and no more. This will take a change in your thinking. It is similar to what I have heard called "Chi" as in the practice of Ti Chi. The idea is to experiment with easing up on the finger/ fret pressure until you can reliably use just the right amount to accomplish the task at hand...NO MORE!

It is a subtle skill, but it will grow with practice. This will not only ease your need to get ever thicker callouses, but also free up all that "Death Grip" energy up to accomplish other preformance requirements. I would bet that with the focus that you are describing in your question (practice 1 - 2 hours a day, practicing chord shapes, ect) this skill is within your reach. Once you start this process, it will evolve as you practice.

I actually think that learning this pressure trick is a big part of how guitarists are able to play guitar sans pain. I have callouses, but they are not that thick. I play guitar as much as my body will allow me and light touch is a big part of how I do so. Keep thinking..."Just enough pressure to accomplish the task at hand".....

Also, Muscle Memory is much more durrable than you might think. Practicing at the pace your body will alow is the best path to skill with the guitar.