I like it. CO will shove almost always here and you can wait and react to BN's play. Once BN just calls it an easy shove.
You could consider betting 50% of CO's stack so you can reshove over CO's shove and also don't give freecards if he indeed does check.

This is a loose open preflop, and there should be alarm bells going off when facing a 3-bet here. Once the button calls you may be priced in to call, but you're not really getting into any amazingly profitable situations here.

On the flop there's a fundamental issue with your play, since you're creating a side pot against the BN. There's no money in the side pot before you raise, so you pretty much need 50% or more there. I don't think you have that, and your equity in the main pot isn't good enough to make up for whatever you lose in the side pot.

Breaking even in the main pot and losing in the side pot is not going to be very profitable for you. You're in a pretty awkward situation OTF no matter what you do, and the reason you end up there is your preflop play.