I'd probably raise or fold preflop, depending on the reads I got, I don't really like limping there.

I'd slowplay a monster there, its late in the tourney, and the pot is big enough to try to steal (but I would just call if I was "slowplaying"). I might even do it with a draw there, just because most of the time the button there is going to bet with air, and unless he has something, you can take down the pot right there.