Personally, I think you have every right to talk to him about it if his ability to do his day job is compromised, particularly when it's an issue of safety.
We do have a policy in our handbook regarding outside employment, and one of the things stated in that policy is that they are not have an outside job that will "adversely affect the quality of work performed". I think having a policy like that makes it much easier when these kind of discussions are necessary.
We've had some situations arise with second jobs that compromised the employee's ability to do their job for us, although nothing that affected safety. In all of those cases, the employees were talked to about the affect of the second job on their performance or attendance and in every case, they wisely chose to quit the second job and keep their (better-paying, with benefits) jobs with us.
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