Opp is 43/9/2.0. Is this spewing chips? What's the correct preflop play with ATo in the CO in this spot? Limp behind and play carefully if an A or T flops?

Full Tilt Poker
No Limit Holdem Ring game
Blinds: $0.10/$0.25
9 players
Converter

Stack sizes:
UTG: $10.25
UTG+1: $17.40
MP1: $17.80
MP2: $19.75
MP3: $12.95
Hero: $24.65
Button: $17.70
SB: $15.25
BB: $7.30

Pre-flop: (9 players) Hero is CO with A T
UTG calls, UTG+1 folds, MP1 calls, MP2 calls, MP3 folds, Hero raises to $1.5, 4 folds, MP1 calls, MP2 folds.

Flop: 7 J 8 ($3.85, 2 players)
MP1 checks, Hero bets $2.5, MP1 raises to $5, Hero folds.