I like what you did here. First we must determine what hands he flats with preflop. He can't have hands postflop that we doesn't have preflop! CO vs HJ, he could have a pretty wide range. Maybe any pair, lots of Ax, lots of broadway, and lots of suited connectors. In this case we don't get to narrow his postflop range too much based on his preflop range because it's still very wide. 

Postflop what hands would he play this way? Sets, two pair, and some draws do make sense. He could have draws as bad as QJo or 89 here. I do think that a lot of his draws will call / float the flop rather than raise, so maybe we should assume has each of these about half of the time. I think you should call his flop raise because there are many good turn cards for you. If you do not improve, and he bets, I would let the hand go. On the turn he may choose to check behind with some of his draws to take a free card, whereas he's always betting his 2 pair and sets. Consequently, his turn range will be stronger than his flop range, and probably too strong for you to profitably continue. 

i would like to know the avg stack/players left on the tournament, it could help :

low variance approach : what you did here
high variance approach : 3bet inducing/shoving the flop to take what seems to be a good old flip vs his range?