Folding the flop to his raise may "feel" bad but I don't think bb will be raising light here often enough for us to continue for a few reasons.

1) The CO is likely to call off the remainder of his stack pretty with pretty much any piece of the board which makes it less likely the bb is bluffing.

2) Our hand plays pretty poorly over future streets. We improve on 4, 5, A, K and hearts but against his value range we don't often improve to a hand that is best, we have some serious reverse implied odds problems.

3) Even against the hands we are ahead of, say 678, and if you get really light say Jxxx we aren't that far ahead, he's still going to have 30-40% equity and put us in tough situation on later streets.

I guess what I'm saying / thinking is that with this hand there aren't many scenarios where things go well for us on turns and rivers so I think I'd just fold the flop. You could also consider betting smaller on the flop so the betting remains open if the CO jams.

Yea I totally agree with raise folding.

We are just in a too terrible spot being OOP and doing very bad against his range and bad playability.

Therefore I think c/c is superior option av thinking about it for a while now. Do you agree?

If we check call this hand along with some JT98 combos and some overpairs, we are quite hard to exploit? 

Betting I think sets us up for being outplayed basically very easily. Do you agree in checking is the best option?

I dont like folding so bet folding goes against my instinct :D

I would still rather b/f then c/c because you generate foldequity and don't cap your range. 
If you start c/c you will build a big pot with a bluffcatcher OOP and poor visibility (what would be your plan, calldown on any boardtexture? call 1/2 and always fold the river unimproved?) .

I want to add, I think that hes cold calling range here is likely to be very wide, he is one of the toughest players at this level. Against a more average opponent or fish I think betting is by far best.

I just think against this particular opponent (loose-aggressive who likes to play deep) wouldnt we want to 

1)kind of pot control and keep pots small with our whole range on this board?

2)That way it stays uncapped, we play smaller pots on this very bad flop for our range?

3) Have a bit of deception when we do hit a 4 or 5/ and the villain decides to go crazy with JT98 type rundown with us so deep and try to blow us off our hand? Also possible that he just has a bare 4 or 5 with wraps / open enders thinking that our range leans towards AAxx KKxx and we are pretty face up, and that way we should win 2 big bets on later streets?

4) I dont think we have as much fold equity as we think when betting this board. And even against the hands we beat, we are pushing a very slim amount of equity/value right ? Im pretty confident that the villain even floats like bare QQxx with a backdoor here just to take it down later. 

I think you played it fine without more info on the villain