Your wife probably won't care about his past history... As long as you can't prove he's two-timing HER then it won't matter much.
Opti you need to start following the cardinal rule here :
Do what's right, now what will make my wife happy in the short term
STOP hesitating because your wife might be upset... She's controlling you with her anger... And second guessing yourself will get you no where.
YES, you destroy OM's life, make it hell in a handbag... if you can... Get him fired, etc...
Your wife will be LIVID if you go to the guys parents or his wife etc and out him... But the affair will be a lot less FUN and the excitement will be considerably lessened...
And SOME OM will drop the WS if she becomes too high maintenance due to a pain in the arse LBS husband
Don't make the affair FUN by keeping it a secret and leaving them alone, that does nothing but enable them