OP I think it's your own decision to make.
I would consider his life stage - not necessarily because he's 16, but because he seems very young in his behaviour. He waits for you in corridors... that's a very high school behaviour. He texts you a lot asking you to go out with him - again, that's very high school. A more mature person would ask you out and accept your answer.
You are 23 and have a child. I'm 25. At 16, I thought I was old and mature and wise, but you're not. You learn things that you never knew that you didn't know. There's a type of wisdom and maturity that just has to come with age.
In the grand scheme of things, this is unlikely to last longer than college. You'll be judged quite heavily for the relationship at college, although some people will be supportive, and once he goes to uni (and you, if you're planning to go), it'll fall apart. Not because relationships don't survive, but because he's quite mentally young and the whole freshers parties and lots of girls and complete freedom for the first time will appeal. He needs to do that stage. Maybe you do, too.
I think you've put both of you in a bit of an odd position because you've talked about it and the boundaries are blurred now, so much harder to enforce. You might need to say no and mean it. I'd distance myself for a while, even if I didn't really want too, and review in a few weeks when the feelings have died down a bit, and it'll be easier to think about the consequences logically and decide if they are worth it.
Finally, the things that you list about him - being kind, funny, polite - they are things that you should expect as standard.