I'm 18...and dating a 29 year old.
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It depends on both of you. He has more life experiences than you, and might be much closer to settling stage. On a legal level it's perfectly acceptable seeing as you're 18. However, this is where individual feelings come into play. Is he that special? I wouldn't think of dating any female older than 5 years, unless she had something that other women didn't have. On the other end of the spectrum, what is his reason for dating someone so young? The first thing that comes to mind is the fact that you're young physically. Now whether or not you complete him is questionable, though I find that highly unlikely.
It's legally acceptable, but has a high chance of being a bad relationship, seeing as each of you are at completely different stages in your life. You're entering college (Hopefully) and he has been out of college for 6-7 years (Hopefully). College is where you make memorable relationships and memories, while he's at the stage where settling down and building a family would be normal. I would say sit yourself down, and think whether or not it's a waste of time to go for something that has a high chance of failing, or just avoid that path and enjoy college live, hopefully finding someone that you can date... someone closer to your age, and in the same stage of life as yourself.0