When I play with very good players who hit the ball a long way, I try to avoid getting sucked into playing the tips with him/them. I know my game and playing a 7,000+ yard course is not a good idea for me. If they want to join me on the 6,300-6,700 set of tees, great. Otherwise, we will play split tees. In your case, I am sure your friend will be fine with your playing a different tee or will join you "Teeing it Forward".
If I am going to play for some $$ with an excellent player, I expect the stakes to be low and an appropriate handicap to be negotiated. Low handicappers who take the position that they only play straight up won't get any of my money because I am not a fool. Your scratch friend won't want to take advantage of you so maybe play a full handicapped match play game with $1.00 riding on the first nine, second and totals. A small wager and giving you lots of strokes will help your buddy keep his attention on the golf.
Finally, I watch good player's short game work. I can't hope to emulate their full swing without a lot of lessons and practice. I can, however, learn from some of their techniques around the green as well as their thought processes. Why did he hit a low runner there, how did he get the ball to pop out of that lie, etc...are good questions to ask after the round.