Congrats!
I recommend doing this! This is what I did with my severely dyslexic son and a year later, he's now reading. My son is a 5th grader and this time last year he was reading at a beginning 1st grade level (more like a kindergarten level). Working with him one on one at home has done wonders for him. If I had left him in school, I have no doubt, he would be illiterate.