I am not nay-saying one night stands and I do not judge the people who has them but I voted not to go through with it.
The fact that you are concerned about having to face him and your peers knowing about this hints that you aren't prepared to handle it.
Your reason for wanting to hook up with him is because he's super hot, is there anything else to him that would make this worth it like a rumor of promised satisfaction?
Is your desire for this just to have a notch in your bedpost that you hooked up with this hot guy? Or do you actually hope that you'll be that one of many that he'll connect with and end his ways to be only with you like some cliched harliquin romance? I hope not because let's be real here as you said he's hot and he has girls like you flocking to him, this boils down to buying the cow when he could get the milk for free.
Also consider the way that the info gets out about whom he's been with, is he just blabbing about who he has slept with or is he saying more about it such as how that person was in bed?
Think about how you think of those other girls who has been identified as having had an one-night stand with him. Do you think positively of them? Negatively? Do you want someone (a potential significant other maybe) thinking that way about you?
If you believe that you are mature enough to handle the consequences, your peers, and any possible emotions that comes with taking him up for a one night stand then go for it. If not then spare yourself the stress.