I did that many years ago
started when I found a little duo called Kaka and Robinho in Cm3, my first two ever wonderkids I found, long before I knew of any forums etc online or anything
Developed them into superstars, always a fond memory and a guy named Fabio Paim (sp) he was the first
from Sporting Lisbon, he had 18 flair and I thought to myself, I am going to make this guy into a world star and true as bob, he developed into one of the best players in the game on that save, along with Robs and Kaks using the techniques I have shared in my threads!
So yes if you are really adamant on getting the best out of the player, otherwise the best thing to do is;
1) tutor him with your best tutor
2) play him for at least 5 minutes every game
3) place him in the first team squad page (not having him in reserves/U18) this makes the player "train" with the seniors
4) loaning him out to the best club for the most exposure at least for a season!