The kid has some major shortcomings. Mentally, he's not there yet. May never get there. But if he falls far enough, I'd certainly take my chances. Give him some time to learn, start him out with an offense that simplifies reads, and use his legs to compensate in the short term for the shortcomings in the passing game.
Jalen Hurts did not look good in his second season as a college starter. Even got benched for a true freshman Tua in the national title game. He eventually figured it out. Milroe may too. And if he does, he's an even better physical talent than Hurts.