memeon,

I dont like openlimping preflop in the CO - I would raise or fold from the cutoff (raising partly to steal the button). As played the preflop call of the raise is fine in position 200bbs deep. The flop call really comes down to math - what are the chances he stacks off + the chance of you hitting one of your 5 outs on the turn (or river) + the chance of him hving holding ace-high now and being beat by you already on the flop + the chance of you bluffing him when a scarecard (heart) falls on the turn.
I'm not really down with the math of all this, so I cant really give you a perfect answer. But I can't say I hate the flop call. Turn is as it should be with your read on him.
Oh, welcome to the boards btw!