Well if I were younger and looking for another Saddlebred, I'd be pleased to have him. However, looking at his as he is now, I would geld and train in maybe dressage or as a pleasure mount. Saddlebreds make quite reasonable jumpers, although I never jumped mine. Mostly when I rode for pleasure, I didn't ride saddle seat, although mine were 5 gaited.
Who knows, once you get him trained, you might not wish to part with him.
As I said before, at the moment, he doesn't look stallion quality, except maybe to those who just breed for colour. I haven't been in Saddlebreds for a while, so someone still in the breed, might be able to say more about his immediate ancestors, which I don't recognise.