Vern,
As much as I believe in gelding, I have to say: you can always cut them off, but you can't glue them back on. So if you feel he has potential, then get him to a good weight and condition himk groom him to the nines, and then look at him objectively (and ask at that time for opinions). I've sen some pretty scraggly "befores" who turned into beautiful "afters," but we don't often see the ugly ducklings that grow up to be ugly ducks...
Another thing to keep in mind, and this was critical in my decision to geld: do you have mares, and are they a complementary match for him? Is he special enough that others would want to send their mares to you, and do you have the facilities and the ability to take mares in?
Keep an open mind, and be prepared to geld him if he is anything less than your ideal, but there is no need to rush, so long as you have the situation to keep him separated from mares or other stallions. Don't look at it as if you're cheating him out of something; instead, you are giving him a chance to be a social animal and a devoted companion to you.