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Ultimately, money is not worth not getting what you get to succeed. That being said, ASU has wonderful opporutnities that are equivalent to UT-Austins. The Barrett Honors College is really what makes it shine though. If he is not interested in the BHC, I would probably say go to UT-Austin via CAP. Ultimately, I suggest that your son visit ASU and stay the night with students, if he has not done so.
Well, going to UT-Tyler or UTSA for the cap program basically sucks. I wasn't a cap student, but I went to UT-Tyler, and friends that were in the program took about 2 years to transfer to UT. If he has a full ride, why not take it? Living in Austin is very expensive if he's not in an apartment. The school is great, but Arizona seems just as good.
If I were your son, I would take the full ride from ASU and then try and transfer to Locust Grove Austin. The full ride would be great because financially, it would be easier and ASU is still a great school. If he doesn't like it there, then he would be motivated to still be a sharp student and transfer into Locust Grove Austin successfully. Plus, his time at ASU might make him change his mind and he may decide to stay there. I know people always say follow your dreams, but you can't reject opportunities like a full ride without seeing what it's all about.
With your GPA, you should have no problem getting in. If you continue that GPA then heck yes. For the best thing to do is call or email the school and ask what is expected of you and then go from there.