AK on button. Should have re-raised?

Full Tilt No-Limit Hold'em, $0.02 BB (9 handed) - Full Tilt Converter Tool from FlopTurnRiver.com

MP3 ($1.95)
CO ($2.12)
Hero (Button) ($1.52)
SB ($1.75)
BB ($1.40)
UTG ($0.37)
UTG+1 ($1.31)
MP1 ($3.23)
MP2 ($2.01)

Preflop: Hero is Button with A, K
2 folds, MP1 bets $0.07, 3 folds, Hero calls $0.07, 2 folds

Flop: ($0.17) 9, 3, J (2 players)
MP1 bets $0.12, Hero folds

Total pot: $0.17 | Rake: $0.01

I have never played with this guy before so no history.

Should I have re-raised pre with this hand? AK is strong but it is a drawing hand and for that reason I have been reluctant to get it in pre flop. Is this a mistake?

I folded the flop because I am pretty much playing a "fit or fold" strategy on the flop and I figured I didn't have the odds to call.

This could easily be a standard c-bet. Should I have re raised the flop or is that a maniacal play?

If I had re-raised and been called and villain then made a pot sized bet on this flop how would I approach such a situation?

Thanks.