FWIW my daughter was Potty trained by 18 months (except wiping herself when she pooped), so no it's not a waste of time to start early :D My sister's boys were both PT well before their 2nd birthday as well. . .
Giving your son the option of using the potty instead of his diaper can only work in your favor. First off it gives him some control over his bodily functions and keeps your towels from getting peed on ;-) and secondly, it'll help him become familiar with the potty and what it's for. Talk to him and encourage him to go whenever you take off his diaper. Let him watch when his dad goes, have him sit with you on the potty when you have to use it. He will start to make the connection that pee goes into the potty pretty quickly.
Control and ability to get to the potty may take time and diapers/clothes are always stumbling blocks for especially young potty trainers, so go easy. Offer him the chance to sit on the potty (maybe a read a book there while your getting the bath ready), but don't force it. When he does eliminate there show your pride and when he asks to sit on the potty, let him even if it doesn't produce any results. At this age letting him take the lead is a great way to get started.
Google "elimination communication" for good tips on GENTLE early potty training. It's mostly focused on babies, but they also discuss "late starters" which include starting with children over 1 year old.