Being a cool dad is one thing but you might be regretting it later. I think a bit dangerous to give him such a car to school. It's rwd over 200hp with relatively sharper response than normal cars, so it's a recipe for disaster in the hands of young boys. if I were given such a car when I was high school, I'm 100% sure I won't be here now talking to you all! I mean of course the decision is yours but if I were you I won't until he is really mature and good at driving.
Installing ETC as such also would not last long and would not be good for him too. First, he will notice how come it's so sluggish?? He won't be that stupid. Then he will check and eventually find out, so no use.
I'm also approaching the similar situation as you and my choice now is a Swift Sport, either ZC31 or 32. That car is small, relatively powerful, manual gearbox, quite zippy so will be fun enough for them, looks cool and hip enough so won't embarrass them, FWD and has 6 airbags so relatively safer and easier to handle too. Then the price is still affordable for me, so it's the best choice so far.