chioangel... i am in the EXACT (well maybe not completely exact) situation as you...
my advice is that if there has been some time apart and you have been friends a while since your hook up, why not try it again? like you said, timing was off in the beginning.
and if he says no, well then ya saved yourself from a really crappy relationship...
i still have to develop the guts to talk to my friend. however it has been kinda rough cuz we haven't seen each other in about 6 weeks due to winter break. it should be interesting seeing him tomorrow.
good luck!