Not all 16 year olds are irresponsible. Back in the day I had quite a few high HP cars between the ages of 16-18. I was a pretty responsible kid, unlike a lot of them that age. That being said, I wouldn't get any of my kids an SS no matter how responsible they were or what kind of grades they made. IMHO it's way too easy to get in trouble with that much HP.
Heck, I'd be as excited as he is if I were that age and getting an SS.