::::SLAMS ON BREAKS::::
DO NOT, and I repeat, DO NOT, UNDER ANY CIRCUMSTANCES... ANY, NO IFs ANDs OR BUTs, TELL YOUR FRIEND YOUR FEELINGS FOR HIM!
I'm going to say it again.... DO NOT, and I repeat, DO NOT, UNDER ANY CIRCUMSTANCES... ANY, NO IFs ANDs OR BUTs, TELL YOUR FRIEND YOUR FEELINGS FOR HIM!
Baby steps - you said yourself you want to come out S-L-O-W-L-Y.
Come out to your friend. You probably have a good idea what his reaction will be - thats awesome! He might react with a "OK, whats your point?" or he could say "Really? Thats awesome. So are you seeing anyone? Let's have an engaging conversation about you because you're my friend and I care" or he could say "Hey, me too! Let's go find boys together!"
The thing I've seen time and time again in my own experience, is that when I tell my straight guy friends, even though they're totally accepting and fine with it, is that they take a few days (really, like 2) to sort of come around and talk.
No matter how OK they are with homosexuality, or me, they just want to come to terms with their own thoughts on it, and that should be respected. Furthermore, if you tell him "you love him" or just "i think you're cute" you could really creep him out - you don't want him to think the stereotypical "my friend just came out and now I'm afraid he's going to poke me in the butt." It's an immature reaction, but bluntly, that's just what happens. He may also then feel that he can't trust you, or think that if you're out somewhere, you may try to put a move on him.
Tell him YOUR story. Make it about YOU, coming out is about YOU. Let him react, let him tell you he supports you and cares about you. Heck, he could ask you to help him get girls, or ask you if he thinks he's good looking? Don't let that be a gateway to say "OMG, yeah, you're hot!" if he does, just say "Yeah, you're decent!" play it off as a joke. Whatever you do, don't tell him how you feel about him. It could really do lifelong damage to your friendship.
But other than that, GOOD LUCK! lol I'm not trying to rag on you, or deter you from coming out. It's a very liberating experience, and you will feel a lot more confident around your friends than you already do. Let us know how it goes!