Hey, thanks for the advice. I got one email from someone who recognized me who said, "Are you on crack cocaine?" but he's a lawyer.
Including my friends' votes, the tally is 7 Positives and 5 Negatives. The developer is from Europe, so the longest he can stay here on a travel visa is 3 months for education and training purposes. And, by law, I can't pay him.
According to several people, I need a technical cofounder. The startup is a risk, time is money - and I have a solid working relationship with this guy. His willingness to come out here from Europe is a huge vote of confidence, so I'm veering towards yes.
I appreciate everyone's stories suggestions for the kinds of details that need to be worked out. If for some reason things go south, I'll repost here with lessons learned. Thanks again for the input.