Re: TPTK on the flop from bad relative position.
I would just go ahead and c/r the flop. My experience is that BB will rarely raise to "protect" your hand unless you are beat. *Edit* to say that if he does tell you that you're drawing by 3betting your check raise, you would rather have more players in because you need to improve to win and your outs are pretty clean.
As played, I'd be a bit worried about a set when CO raises the turn. Given that he posted, he should have a lot more worse 2pair hands, so no real reason to slow down yet.
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