I think that this is a weird question but I don't think anyone should be lowering their standards, Whether they are male or female, But I also don't think there is anything wrong with going out and having sex and going on dates.
I think that you're trying to ask if this guy likes you, Should you go out with him even if he's "below your standard"? That depends on A) what about him is below your "standard" and B) what your standard is. If his looks are what are "below your standard" I don't think that's a fair reason for you to NOT go out with him. However if he's a convicted felon with a long rap sheet for violence, And he's "below your standard" no you certainly shouldn't go out with him just because he's below your standard.
If I went out with every guy that liked me, I would not be alive right now. Standards are one of those thin lines that you have to be careful about; if it's for your own safety, Well being and physical/emotional well being, Sure, Yes, Have standards. But be careful that it doesn't turn into judgement.
Women should not have sex with any man who asks them out. Men aren't interested in women who sleep around a lot. And they especially aren't interested in touching men who are gross. Attractive women just don't have time for every man that thinks they're attractive. Most men just don't realize just how gross and unattractive they are, And many women would rather be single than have to have sex with them. If you're having difficulty attracting women, Take a critical look at yourself in the mirror, And improve yourself to the standards of the women you are going after. And if you want sex, Focus on building a relationship first. Women don't want to just have sex with guys that they aren't in a serious relationship with.