I would say no, for the reasons stated above in that his equipment is supplied by you and you can't buy it to give to him...
[edit] He counts as part of your CR, so is constrained by your WBL Making part of the groups wealth distribution breaks your VoP, to my mind at least.
Now I rule that familar spells do affect a companion familiar, but another DM might rule differently.
Train him for war and give him the warbeast template from MMII :)