I'm a big fan of cutting the cord and moving on, mostly because it's easier in the long run. In the short term, it's hard because it means radically changing a comfortable but toxic pattern.
Having re-read your post, it seems to me like it would be best if you cut contact. If it's meant to be, somewhere down the road, it'll happen, but right now, your friend is busy doing his own thing. Seems HP is telling you it's time to focus on you.