Cold call slow play 3 way?

[knicknut]

Hope this isn't a results based post. SB is new but seems weak. CO is 17/14/3. I figure most people can be drawing to is 2 outs, while cold call is suspicious to CO, I'm hoping to draw in SB (or better yet, let him 3-bet). I was berated for it after the hand by a third party, which is probably why I feel self-conscious about it, but is this legitimate? Don't want to blow everyone out with a three-bet, no?

SB: $152.40
BB: $99.50
UTG: $166.40
MP: $239.20
CO: $124.70
<font color="black">Hero (BTN): $98.50</font>

<font color="black">Preflop:</font> Hero is dealt 6[img]/images/graemlins/diamond.gif[/img] 6[img]/images/graemlins/heart.gif[/img] (6 Players)
2 folds, <font color="red">CO raises to $4.00</font>, Hero calls $4.00, SB calls $3.50, BB folds

<font color="black">Flop:</font> ($13) 6[img]/images/graemlins/club.gif[/img] 2[img]/images/graemlins/diamond.gif[/img] 2[img]/images/graemlins/spade.gif[/img] (3 Players)
<font color="red">SB bets $7.00</font>, <font color="red">CO raises to $16.00</font>, Hero calls $16.00,