dont want to sound like a cock here Privateer... but will he be a good father to your kids and do the stuff you cant do ?
you should be glad hes a mate.. at least you can talk to him straight etc... and know anyreay know him so you know youre not being bull sh*tted...
i.e. you know hes a decent bloke, so if he bollocks one of your kids, you know the kid proberbly deserved it and its not that hes just a prat !
...also, hell probably be better to your kids because he is your mate than if he was just a stranger