First thing is that open communication is super important. I think you should tell him your feelings about him but also the feelings about the situation, so tell him you like him but also you're worried that the relationship might not work out and explain why you worry that way, see what his input is.
Generally, I always think it's a good idea to take things slow, so if you and him do decide to go into a relationship it would be a good idea to at first see it as more of a casual thing rather than a super intimate and serious relationship. Just spend more time now, eventually build up the intimacy but keep it casual for the first few weeks (so if things don't work out, it's not as bad or as dramatic). After the first few weeks you get a bit more intimate, just kind of let this flow naturally rather than algorithmically, and eventually if you two are compatible you'll find yourself in a fantastic relationship. If you two aren't compatible and you took it slow, you might be able to see that you aren't compatible before things came too serious and breaking up won't be as harsh on you.
I'm sure things will work out but first ask him HIS opinion on the whole subject and go from there!