I think that would be the right way to package things for him. By going with read/option and play action, they will be simplifying his reads and give him an opportunity to make plays and keep his mind in a good place so that he isn't overwhelmed while still giving him the ability to take advantage of his athletic gifts. Maybe dial up some designed runs and enough bootleg action to keep defenses honest.
The threat of the run with Milroe under those conditions will help to give him favorable numbers in coverage. It will also give the running backs more opportunity because the defense now has to defend the quarterback as a runner.
Then it will be up to him to take advantage of that by attacking the playbook and working on the weaknesses in his game with specialized quarterback coaches on mechanics and learning how to throw with touch. Everybody gets enamored with the cannon arm, but many don't' realize that if a quarterback only has a fastball he is limiting himself at the position. He needs to develop touch and accuracy on his throws. That's what can open up the entire field.
It is the finesse throws that you drop in over the linebackers and in front of the safeties that really stress defenses in their responsibilities. If he can make the safeties worry about what's happening in front of them, he is much more likely to burn them over the top. He needs to get there with learning how to read defenses, recognition, trusting his reads, while also finding more ways to identify holes in the defense and how to get the ball there.
It would definitely take some time, but if he ever put it all together he would be a scary, scary player to defend.