You know what Fizz, you're not going to be happy until you give him another chance, so just go ahead and do it. He probably does really care for you on some level, and he probably does realize what a good friend you are.
However, he is what he is, and you're going to go through the cycle again, and it's going to hurt worse next time because you knew better.
See the guy in my siggie, 2nd from the right? He's exactly the same as your buddy. I'm flat broke today because of that guy, who it took me a year to get rid of. My life sucks pretty hard right now because of him, but every day I silently think to myself, "At least he's not in my life anymore."
The videos he made for me were his way of paying me back, but the ratio of what he did for me compared to what I did for him was seriously way way way off. Sure he used to tell me all the time how much he owed me, how grateful he was, used to constantly say he'd be looking for a job and would pay me back as soon as he had one, wanted to make his own money and not rely on other people because he hated owing people etc etc. And in his mind he might have even meant it. I'm sure he really loved me. But he was who he was, and eventually I moved on. Wish I'd moved on sooner.
So your buddy is probably not intentionally evil, or intentionally conning you, but you deserve better and just because one person is nice to you you don't HAVE to be nice back. There's like 5 billion people on the planet, one of them is better suited for you than this guy, and you'll eventually figure that out. I have a feeling you're going to have to figure it out the hard way, but sometimes you have to actually touch the stove to figure out that it's hot.
You'll be back in the cycle again soon enough, I'd bet my balls on it. If you must go back to being this guys friend, for god's sake go out and make some other friends too. You can have more than one you know
In any case, good luck!