[Man of Means]

We'll treat everyone else (shortstacks) as all-in so it comes down to a) how is your equity vs their ranges and b) your implied odds against the large stack, who you have position on. (i.e. is he loose postflop too?)
You are probably way behind the button but the other dead money in the pot gives you nice pot odds to call. The "reverse implied odds" is not so much an issue as you are only really playing against $700 guy. The pot is going to be protected so you should hardly worry about being bluffed out...the other side of the coin is that you probably won't be able to extract much if 700 is smart enough to realize this as well.
I would not reopen the betting because I want to keep 700 in there. If you reraise you're setting yourself up for potential commitment on almost any flop for the side pot of $X plus your share of the main pot.

Be prepared to make or call a big bet on the flop with a pair or combo draw*. If you can't profitably play for stacks with TP2k vs 700 and you think you have less than 20% hot/cold equity in the pot I would *consider* a fold. Calling is ok based on the stuff mentioned above.

*Checking behind with a big draw is probably better unless your draw gives you the edge and you suspect he has enough to call on the flop.