Hard to say really... Personally in that situation I'd get rid of the lost love. I mean it's not like you need another friend and you already have a fella so I personally wouldn't be able to work out what role this chap played in my life other than to occasionally cause unnecessary heart ache although innocently done. I'd see it as dead wood... BUt I am pretty unsentimental and ruthlessly pragmatic.
That said, you're both fully growed up adults, (even more growed up than me actually!) and you'll do what's right/best for you in the situation, dofferent strokes and all that.
Plus it'd be another christmas prezzie off the list so works out well.... ;0)