Take an internship at a one man algo-FX "hedge fund"?

Title- For context, I'm a rising junior at a target's non-business school (Think UMich/NYU) majoring in Math. Looking into IB and possibly S&T.

Basically networked my way around and met an FX trader who is trying to start his own algorithmic hedge fund and offered me an unpaid "internship". He has a good track record in FX trading but doesn't come from a banking/alternative investments background, so I don't know if I can get any connections out of it. The work I'll be doing is pretty cool with coding and learning about the FX market from him, but he doesn't have any LPs nor an official amount for his AUM. Another pro he added is that he'd let me keep the code for my own use as long as I sign a contract saying that I'd give him part of the profits if I ever sell it.

I'm worried it won't be that relevant and that my time would be best spent working somewhere else/networking. Don't have a super high GPA, so I'm trying to count my offers knowing they'll be sparse. I currently intern at a PE firm, but I haven't learned a lot on the technical side and would love to get more hands-on. I could do both at the same time being the two gigs are on opposite coasts (both are remote as well).

Would it be worth it to take this role for personal purposes? I'm thinking if I wanted to run a student-based fund out of my apartment, I totally could with this experience. And if not, what about for the sake of resume/CV?

Also, is it fair to call it a "hedge fund" on my resume despite it being a one-man-shop with no LPs?

Thanks in advance.