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Against a loose passive who is going to call with anything, I think you need to be raising. A3o is a clear favorite against a random hand.

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I think raising against a LP with A3o is marginal to negative. You have some preflop equity, but who cares. Since he's loose-passive, he will call your flop autobet and maybe call you on the turn also. And even if your ace-high is good, are you really going to bet it on the turn? If he calls, do you bet the river again for value? Do you check-call a river bet after showing weakness on the turn or river?

Raising ace-rag I think has value only if there is a chance that the villain will fold. Preflop equity doesnt mean much if you consider that a LP-P will be going to at least 4th street, and possibly beyond.