It's a good spot to work up your bow skill.

Also a good place to start getting the swamp upgrades.

That said though I tend not to invest too much time building near a swamp anymore unless I know there is sunken crypts there.

Bow out the leeches and use your hoe to make some paths while you explore. Things will respawn but it typically isn't bad if you clear out any spawners. Paths will also help in running out iron scrap and retreating when needed.