Bay Area 20/40: How bad a fold?

[bovine_boat]

9-handed.
Fold to --
CO+1 raises (He's an off-duty dealer, loose and straightforward -- Ax+, 55+, JTo+)
CO calls (He'll call anything to the Turn, and continue if he has any piece, but if he hits he'll get tricky -- Jx+, 66-, or small suited connectors, maybe some middle offsuit connectors)
Fold to me in the SB w/ AKs. I raise.
BB folds, all call, 3 to the flop.

10 SB to the flop
Flop: AJs x

CO+1 bets (Anything but AAA)
CO calls (Anything)
I raise.
CO+1 raises (Same read, I tend to think bigger hands are more likely at the table though)
CO raises (Scares me)
I fold.

Notes: 4 bets is a cap.
At the table, I thought I was behind too often to call getting 14:3 (for the whole hand). Best case I could come up with was Ax for the CO+1 and a flush draw with a pair for the CO, in which case I only have about 40% pot equity, and one of my opponents is ahead of me often enough to make this a fold.

However, upon reflection the tricky player in the CO with a 4 bet cap might raise with just a flush draw, in which case that is the most likely hand I'm against (and with better equity), so I should call here.

Also, with the large pot I should probably wait for the turn instead of raising, and bet out for any blank, yes?
Any other major problems with my thinking?