Suspending bylaws for a potential new member - worth it? (fraternity)

[RCM2020]

We have a potential new member who has a GPA of 2.72, and our requirement is a 2.80. Some members want to suspend the bylaws and vote-him in, and then work with him to improve his academics. I like this idea, but I also like upholding standards and recruiting men who are already doing well. Has anyone ever taken this approach before, and has seen succeed or failure? I know he's trying, but maybe a fraternity can make him better, while also keeping an eye to make sure he isn't overly indulging himself in the social aspect.