[Albert Moulton]

I think reraising is bad. And folding is worse.

So calling for a set seems about right. CO and MP3 have short stacks that might pose a problem if they reraise, but if they are playing pretty tight then you probably don't need to worry too much about them.

Otherwise, effective stacks are about $50ish, so $1.5 is well under 5% of those stacks and calling for set value is good using the rule of 5 and 10 (call if less than 5% of effective stacks, fold if over 10%, and make a judgement call between 5% and 10%).

And even though your position immediately behind the preflop raiser won't be great, you shouldn't have to worry too much about position if you flop a set - just bet out and then do whatever it takes after that to get the money in.