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If he hasn't been charged with anything then this is likely just part of an investigation and he may be considered a suspect. Depending on the value of the damage it may be charged as a felony if it is over $1,000. Pulling the fire alarm penalties can range from a fine to a misdemeanor depending on how aggressive the prosecutor is, but typically it would be a fine.
If he actually is charged, he would have the right to have an attorney appointed for him if he couldn't afford one.
Should he just wait to hear what happens from the police? If he got charged with a felony for cutting tires in Florida (he says he didn't do it, but I want to look at the worst case), and this is a first offense, would that felony be forever (if it's over $1000)? Can they ever remove it? Would he likely get jail time? Or just a fine? It seems to be 2 kids who got mad at him are pointing the finger at him.
Yes he should wait to see if anything actually comes out of this. Without any evidence that he did what he is accused of, they are just allegations and the police likely won't put too much effort into investigating it.
If he has a clean record, he would likely be eligible for a diversion program where he would be put on probation, pay restitution and do some community service. As long as he completed probation without any further offenses, then the judge would then dismiss the charges.
But if they didn't offer diversion, then yes, felonies can be expunged in FL as long as they are not specifically prohibited. This type of charge is eligible to be expunged after he has completed any probation or if at least one year has passed since judgment was imposed.
Jail time would be extremely unlikely for these type of offenses.