"Fall through" and "go to pot" are nice idiomatic expressions, but not easy to define. Here's my answer, after some reflection.
"Fall through"
Only plans and projects, fairly complex things, can fall through, I think. Sentence 2 is certainly wrong because "I" can't fall through.
Sentence 1 strikes me as almost fine but not quite. I think "expectations" is too vague and doesn't necessarily carry the connotation of something complex. But in any case it would be better to say his expectations have "been disappointed".
"Fall through" is most often used, in my experience, with holiday plans. Your holiday plans might fall through if, for example, the ferry company goes bankrupt and you can't find a suitable alternative.
"Go to pot"
A subtly different meaning. "Fall through" means to totally collapse so there is nothing left of significance, always (I think) through some outside influence. "Go to pot" simply implies that plans haven't worked out the way we wanted. This may be because of outside influence, or else because the person has made a mess of things. It implies that something could have been done about it, more than "fall through".