Hello and welcome to BW
I never had the luxury of of this dilemma as my LO always woke early in the morning. However, it really is up to you. If you are happy for your day to begin later than 7am then let him sleep (unless a late WU begins to be a problem, ie if it is so late that the whole day moves on too far and bed time become too late). Alternatively it's fine to wake him at 7am if you need to get out somewhere (some people need to do school runs etc) by a certain time or you want to regulate the routine.
I wouldn't reduce the night feed at all. Your baby is still young and has many growth spurts to go through where he will be more hungry at night and it is very normal for a breast fed baby to need more than one night feed (ie a dream feed or feed early in the night plus another feed) for quite a while yet. He is already STTN (sleeping through the night, ie a 5hr stretch of sleep) so it sounds like you are doing great.
(I'm assuming the 11.30pm was a night wake/feed rather than his regular bed time)
hope this helps