Should I now let it just set for awhile to make sure that it is completely saponified? I guess I will only know if it's good shaving soap when he tries it out.
If it passed zap, it's fine to shave with.
It will, however, improve a bit with age. My personal experience has been that the KOH soap does so less than when there's some NaOH in the mix. And it should make a fine lather right away.