Yeah, if the guy can figure out a 1 in 176 million chance, he should be able to handle a decent conversation.
As for limits, there are two main factors: How far in the future the guy can determine favorability from, and his ability to actually influence things to reach the outcome desired. If he gets only immediate consequences, for instance, he might do something favorable in the short term that gets him into trouble later on. And he might know that jumping that pit will get him to the treasure, but you can introduce uncertainty by not guaranteeing that the pit will be successfully jumped. (Turning him into a 'probable' precog.)
Also, how he determines the future can be important. I had invented a villain who was a robot that had tiny time machines built into its computers. It received information from its future selves, allowing it to react to enemy attacks before they were launched. The hero, a minor wizard, defeats this robot by casting a spell that summons a minor spirit of technology to possess the robot and send back data suggesting that it wins the battle and takes over the Earth while actually rendering it helpless before imminent shutdown. The robot then actually forces this situation in the past, aiming for the 'world domination' route, premptively dooming itself. My point here is that if your character's power can be misinterpreted or fooled, it makes for a usable weakness/limitation. Visions can turn out to be engineered by illusionists, for instance.