Huge congrats! He looks good!
Though, I'm also concerned about the bit in his mouth. It looks like a tom thumb to me, which contrary to what you may read is not a snaffle nor a "colt breaking bit" unless you take the breaking part literally. I'd strongly advise a basic snaffle, or you're likely to end up with an extremely confused and frustrated youngster.
Well everyone does things differently. I didn't have an o ring snaffle. I only have used tom thumbs on my horses, granted they were already broke when I bought them. I just used the one I had to get him used to a bit in his mouth. My neighbor also trains horses and I asked him if I needed an o ring snaffle and he said that if he is responding well to that bit then no he didn't think it would be a problem. I have been riding him in a bosal though and he is doing quite well, I was just trying him out with that bit and he seemed to understand what I was asking from him.