I have a three year old red/white Akita with black mask and was hoping to put him in to stud. However i am unsure how to go about this. He is a full pedegree with a very famous bloodline and papers

You need to make sure you have had all the necessary health checks done before you even contemplate it :) Then you should get someones opnion as to whether or not he is a very good specimen of his breed ..good bloodlines and papers do not necessarily make a good dog ;)

Go back to his breeder and get their opinion

Melody :)

Most important of all. What is his temperament like?????? Can you trust him 100% with people & children?
Do you know if this famous pedigree is free of health problems like PRA, VKH etc? If you do then get his eyes tested & his hips scored.
There are plenty of Akita males around - why would people want to use yours over other well known dogs? If he comes from a famous bloodline, there are probably show winners who breeders will go to rather than an unknown such as yours. Nothing to say, yours isn't better than the well knowns, but before you start, do as Melodysk suggests & ask the opinion of a breed expert - more than one in fact.
I presume he's KC Reg? You will no doubt find irresponsible bitch owners who would want to use him, but do you want your dog associated with doubtful lines/health problems or his puppies to end up in rescue (or worse?)
If you want to do things properly, get to know a few reputable breeders, ask their opinions & find out about possible temperament/health problems in the breed.