Without any history on your opponent: Just call down and watch him flip over a set or goofy straight with a pair of 4's or small suited connector --the CO has you beat with Aces at this point as well is my guess.

I would've dumped it on the flop after it went raise-raise and you're not closing the action. Thinking ahead this hand could get super expensive on the turn and river if the raising war continues; no sense playing on.

What did button have?

Well, basically two more note-taking oportunities

His strategy is a dud for what it's worth, since he's only going to hit two piar or better with those hands about 5% of the time, and there is no way he is winning 40BB pots. Average pot sive would have to be at least 25-30BB to even consider playing any two capped pre-flop.

In limit, I see capped bet with high pocket vs high pocket, if not then its just fish being dumb (which I've also seen) I always cap with QQ KK AA PF in limit.

"he flipped over 52os and had flopped 2-pair. My read was not even close"

Simply mark him, note him like steve said an beat him in every other hand. He must be a true gambler. Always be aware and try to note them when you aren't in the pot too. If someone have made a mistake, just note it and you get a great advantage. GL!