Our 10 or 11 month old rabbit nibbles our clothes (and makes holes) and occasionally nips us (does not draw blood). Would castrating him most likely curb this do you think? We don't want the expense to us and risk to him unless it is very likely to make a difference.
I would definitely get him done for health reasons.
In terms of nipping, one of ours has nipped her way through curtains, carpet, slippers, clothes - just about anything that gets in her way. She's been neutered and it didn't make a difference, she's just a little madam
He should be neutered for health reasons anyway (and because as he gets older he may start marking his territory by weeing everywhere and if you have him inside, this would not be pleasant - rabbit wee is pungent), but this is grooming behaviour. He is very kindly pulling out your loose fur . Try saying 'Ow' quite loudly when he does it (I read this somewhere and it did work with our previous bun), otherwise you'll just have to put up with being groomed - at least he likes you!
The only other thing it could be is that sometimes they will give a warning nip if you are doing something they don't like - it's just their way of telling you to stop. My current bun will sometimes nip if he thinks he's being held for too long.