"Good things come to he (him) who waits."

I've seen the proverb written with two grammatical constructions: "Good things come to he (him) who waits." Does "him" function as object of the preposition and "who waits" as the adjective clause describing "him" or is "he" is apposition with "who" and thus the whole clause "he who waits" function as the object of the preposition? We need an answer to this question of grammar. Thanks

Take each clause as it comes. "Good things come to him"--one clause. "...who waits"--dependent clause, in this case used adjectivally. A lot of confusion over who vs. whom could be spared by this simple rule--but won't be. Just a reminder: Let him who is without sin cast the first stone.
SS