Please go for it. I think there are many of us who wonder "what if" when it comes to first/lost loves -- but we are now in decent marriages, have children, and cannot simply ruin our spouse/kids lives by taking a chance on rekindling an old flame. It would hurt too many people.
On the other hand, you have nothing to lose whatsoever. I highly recommend you are totally honest with him. Ask him out to lunch or dinner. Tell him how much you regret breaking up, tell him that seeing him brought back so many memories, and tell him all the good stuff you told us. See what happens. If he is in another relationship or is not interested now, then at least you tried. You should never live with regret.
Tell us what happens!