Finding an industrial mentor

I work in a very small team. Just a few (<5) engineers and scientists, and we're the best darn team in the world of medical devices. Not an understatement if you look at what we've come up with and patents, profits, and lives saved from the products that just a few people came up with. 

There's one other PhD on the team.  He worked in an academic-type field for a decade before selling his soul to industry, and I've decided that he would be my mentor. I feel very strongly that everyone in every field needs to have a mentor. My old academic advisor even had a senior faculty advisor. My mentor (let's call him old mentor, OM) is a very vocal person. If something doesn't jive with OM, OM will let everyone know about. OM will yell, and never let up whether it's related to work or not. We were talking about academia (OM's the only person that can relate to academia in my group) and OM mentioned how the freedom is the thing most missed. The freedoms to run around campus to catch any random seminar, try crazy things in the lab, and OM is convinced that teaching at a university keeps you young and vibrant since you're around younger people all day (I'm the youngest on my team, and I just turned 30).  OM regularly tells me that he/she missed the academic boat as it was leaving port as OM was getting older. OM's biggest regret is not pursuing the academic route earlier, and constantly tells me that I should get out and do it.  

I haven't told OM about my current academic pursuit, but I feel OM could potentially help me out by offering sage advice (as OM has been doing throughout my industrial work) and looking over documents and presentations. I don't want to show him for secrecy reasons. After all, he sold his soul. Is it normal to keep stuff from your mentors?  I feel like I'm not utilizing the proper personnel around me given that there is an experienced professional one office down. OM is pretty open with me, and I think would keep my secrets safe, but I'm a little nervous. I know OM would be ecstatic for me if I get a faculty post, but I really don't know.