I think that anytime you have an unknown entity like this kid, it is a hopeful project. I agree that a big question is can he play PG or is he a combo guy that can handle the ball at times when needed. I do not see any problems with his release point and when you score like he did not sure it matters. Some guys can just put in the basket. Shawn Marion has the worst release I have ever seen and was pretty effective at the highest level.
I just read an article about Cole receiving a scholarship form the National Football Assoication as a scholar athlete, appears this kid is the complete package as a person. Also asked around and was told Cole was offered a number of D1 scholarships to play football which speaks to his athletic ability.