Either he is so socially unskilled that he is not seeing your massive hints, or he is seeing them (but is determined to ignore them). But either way, you have given enough hints now (and so its time to get straightforward with him).
Tell him the situation exactly the way it is: That while you still want to be friends with him, his level of contact is too much (and a reduction in messages is needed if the friendship is not to become very strained).
Some people overstay their welcome, its a fact of life. So do you let them live in your house (while spiting them), or do you defend your privacy & property?
Some people are very needy for attention, its a fact of life. So do you spend endless hours trying to appease them (while spiting them), or do you draw a line somewhere and let them know that they're asking for too much?
If you are to stand up for yourself in life, you can't always avoid any potential conflict. There are will always be some people who (knowingly or unknowingly) take too many liberties with others. And such people you need to stand firm with: there doesn't have to be mal-intent involved on his part for you to justify protecting your time and comfort zones. If he's not taking the hint, you need to get to the point on matters.
You are also "castastrophizing the situation" (in that even though you haven't confronted him, you're already convinced it will end in a worst case scenario). I say be honest with him (tactfully), and take it from there on wards. Things will probably be fine, but if he does threaten to fall out with you completely because he can't handle you not giving him all the attention he craves, then he is someone you are better off without.
And you must be willing to stand firm in your word.
If the situation continues despite your clear underlining of your feelings, then be prepared to cut off contact with him completely (otherwise by continuing to tolerate his behaviour, you will be effectively condoning and encouraging more of it).