Yes, that's a good idea. And if possible, ask him if he's SURE he can still be your friend after. Even if he doesn't confess his undying love, you moving on to a real relationship will hurt if he does have feelings for you. The 2 of you need to plan for that possibility. You need to establish how to go about being friends again after his heartache... Eg, would he need time,distance,support? what's the estimated timeline involved, should he have to lick his wounds.
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Also, I found that having a no contact period after the benefits stop, makes it easier to readjust to being platonic.