this hand bothers me

[villains_hero]

Assumed that both villains are not supernitty you should cap preflop. As you said you probably have an equity edge, so push it and take the initiative.

What kind of bad player is the CO? Stationlike, weak, maniac? This should have an effect on the way you handle this affair postflop. In most cases I would like a call on the flop, maybe a even a donk. Why did you raise?

From the button's perspective I like this spot a lot: Having the decent opponent sandwiched with the bad player behind him. Betting into them is fun.