>>>> And I suppose...if I got him...and I raced him this summer and it was a flop I could always try him for dressage which is what my real chosen discipline is..lol. He is pretty big and once he is in shape I think he will make a really nice horse.
It sounds like you have a good situation for trying out your interest in racing-- being so close, having training friends, etc, so your invenstment in trying out racing is pretty minimal compared to many. However be aware that one of the ways this horse could "flop" is by getting hurt, which could seriously change his after-track value.
I have another TB mare which I acquired for exactly that reason-- she had been running cheap races for a few years and changed hands a few times always with the hope that she might "make it" for the new owners/trainers-- well bred, gorgeous big mare-- but she ended up fracturing a sesamoid. She had to have immediate vet care and was on stall rest at the track for 45 days, and then another 30 once she got here. She will be sound enough to be a broodmare, MIGHT be sound enough for light riding on the flat, but will probably always have a big ankle and won't be able to have the career she could have if she had raced a few starts less. >>>> So his bloodlines really aren't all that...or they might be okay?
His bloodlines are fine, but he's not running "up to par" with the best in his lines and being realistic, he probably never will. They don't always. Take the mare above-- She had 59 starts, with a record of 2-1-11, earned around $23,000, and almost all of her races were $4000 and less claimers. Not stellar.
She was sired by a graded stakes winner of over $450,000 in only 16 starts and her grandsire was the Leading Sire in North America in 1980. Her dam was a stakes-placed winner sired by a horse that won over $500,000 in only 15 starts and was exported to India where he is a leading sire. So her bloodlines are good and proven up-close, as well as having the typical famous winners further back. But she just didn't run like her ancestors.
AND, then she got hurt.
Being a pretty, big, well bred mare, she has the potential to have some use for someone-- but she has absolutely no value in this market as a TB-- she was basically given to me and it was that or face being euthanized because the season was over, she was hurt, and her time at the track was through.
The gelding you are considering could run another year or 2, maybe-- he might give you the opportunity for some fun and experience. However, he is at the top-end of the age that horses usually keep running, and there is always a risk of him getting hurt, up to and including a career-ending injury. Just something to consider when weighing your options before you decide.