I think it's clearly a foul to pick up the cue ball when you're not supposed to.
I'm not so sure about the point issue. Seems to be evenly divided. BTW, that same point compression can be used on the corner pocket. It happened yesterday during 9 ball. The cue ball drifted too far and it was unclear if the point was blocking the next shot. I brazenly pulled on the point, all the time saying "I'm really not sure if it's hooked or not, let me look closer".
I'm left wondering Paul why you asked in the first place. In your OP you asked, "What do you do? Do you let him slide since it's a friendly game?" Now when several people have responded (one of whom I agreed with), you seem to now take the position that it's a foul and that's all there is to it. I'm just curious about what happened between the time you asked the original question and now.