I think the transfer plan is a good one and gives him a lot of options.
Since several people brought up the 16 thing I want to address that. My son is in his mid-20s now, but from the time he was 6 I was a member of a number of mailing lists related to gifted kids. In many cases, I feel like those kids grew up with me in that when I started they were in elementary school and now they are graduated. Of course, I was hearing about them through the lens of their parents.
Gifted kids who finish high school early vary a lot. From interacting with my own son who graduated high school at 15 and interacting with parents of other kids who graduated early, my perception is that the kids fall within 3 groups:
1. Very intellectually advanced kids who are also more mature than their age peers in all areas. Many of these kids do really well in college, even living at a dorm at a young age. They are academically inclined and are able to focus and do well in college and don't get in a lot of trouble. These are the kids who didn't struggle in high school with deadlines and are self starters and are organized and don't feel a lot of peer pressure.
If you have a child who fits this mold, great. The biggest problem I have seen is that sometimes parents thing a child fits this mold when they really belong in group 2 or 3.
Having said this -- these kids often change their major. 18 and 19 year olds change their majors and 16 and 17 year olds will do it just as much or more.
2. This group is just as intellectually advanced as the kids in group 1, but they are not exceptionally mature in other ways. These kids can struggle with things like time management, being self-starters, etc. If they are struggling with any of this in high school, they will not be cured by going to college. These are kids who may do fine in college at a young age, but may not be ready to go live in a dorm. These are also kids who can do well in a controlled environment with mom and dad, but can struggle with peer pressure and may act more recklessly when on their own. FWIW, I think this is a really large group of kids. These are the kids who may do better going to CC or a local university and living at home for a year or two before going to a dorm.
3. This group is just as intellectually advanced as the kids in group 1 and 2, but these kids are what is called twice exceptional. That is they have some challenge such as ADHD, or Asperger's or a learning disability. They are super bright but have some area of challenge. The most common of these is probably ADHD. These are kids who if they go straight to college and living in a dorm may have real difficulty. I can't tell you the times that I have heard a parent want to send their child to college and the child can't meet their deadlines in high school without help from parents. Well, they go to college and don't meet their deadlines because they don't have their mom as their frontal lobe any more.
My son had ADHD and fit in this group. I was not willing to send him to live at school until he had spent a semester in our home managing all of his deadlines on his own. Once he proved he had matured enough to do it then, I sent him to live at school (he was 20).
FWIW -- the comments in group 3 even apply to kids once they get to be 18. They don't magically get able to meet their deadlines and responsibilities just by turning a certain age.
So -- whether it is a good idea for a 16 year old to go away to school really depends on that 16 year old and where he or she is in these groups. For some, they are ready and do well. Others aren't ready and may do better with other choices.