[clowntable]

Nothing is standard, it all depends on villains.
1) Someone provide math or I'll do it after work for the case that CO will only call with AA/KK and the blinds do not act at all
2) For the sake of argument discuss calling the 4bet, calling the raise and folding to the 4bet.

I'll start and provide the following on "calling the raise" to get a discussion going:
With agressive, thinking players in the blinds, tend to call the initial raise and shove over a squeeze.
Reasoning: We can assume that CO opens somewhat wide, blinds can figure this out, too. Blinds can also assume we call somewhat wide here. If the BB squeezes this is of course a less strong hand on average than if the SB squeezes.
If there is no squeeze we still get to play a hand that plays well in position, with multiple callers we have good IOs for the flush and HU we have a strong HU hand.