Do you have other RB's? With that size, you could make him the dive back (FB) in the option. If he is fast and with that size, you could easily make him one of the wing players in the Flexbone, that way he could carry the ball as well as use his size downfield on passes.
In the spread option, I would keep him at HB but move him to the slot to make him the pitch back in formations like Shotgun 4WR Trio, Wing Offset, etc. If he can catch even a little bit, that size and speed will be great to have in the pass game.