Good/Bad time for a squeeze?

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Hey what's up all. I came upon a situation in a MTT today that seemed like an okay time for a squeeze play but I need your help! So here we go..

No great read on the cutoff other than he had raised two of the last three orbits from the cutoff position and cleaned up w/o showdown. The button has been active from the button during my entire stay at the table. I wasn't particulary worried about the BB since I had him covered and he would seemingly need an absolute monster to play given the action in front of him.

CO ( 16655 in chips)
Button ( 12475 in chips)
Hero ( 8895 in chips)
BB ( 5170 in chips)
Blinds at 200/400 (25 ante)

Hero posts SB (200)
BB posts BB (400)

Hero is dealt 6 [img]/images/graemlins/club.gif[/img] 5 [img]/images/graemlins/club.gif[/img]

Table folds around to the CO

CO raises 800 to 1200
Button calls 1200
Hero...?

Okay so a few things I want your opinions on.

A)Given all of the factors (chip stacks, my read on CO and Button, the fact that the BB is yet to act but I also have him covered) in this hand, can I be justified in making a squeeze play???

B)If so, how much do I need to raise in this situation for a squeeze play to be successful?

Thanks for any input.

Oh and sorry for the sloppy post. It's been a while.