That guy can definitely be a good player up into D3. And if you make it to D2, he could be decent depth, especially for a cup run.
As for home draftees, I suspect that a portion of their salary is returned via merchandise, but that the precise % depends on playing time. So he will still effectively have a lower salary than another guy with similar skills, but not drafted by your team.
Really though, this guy has very good starting skills, and decent height to make a nice combo guard. He has 1 awful skill (in one that's easy to train) and 1 inept (other than stamina). I personally would sure as heck train this guy up. He shouldn't be the centerpiece of your training program, but he should have a spot in it.