Pre-flop: I think either play is just fine here. In fact, it's probably 50-50 for me on what I'd do. If you raise, you're probably going to lose the BB ... and you're defining your hand a bit to for the CU. By not raising, you're letting the BB come in for a cheaper price ... and also not charging the CU as much for drawing against you. I think those two options pretty much balance out.

Slow-play: The flop is perfect for slow playing. On the turn, I'd lead out and bet for two reasons. First, like an earlier post said, you might be able to trap the BB between you and the CU. Second, you're not guaranteed the CU will bet for you. I'd rather bet out and hope for the raise behind you. You're looking at 1 or 3 bets vs. 0 or 2. Of course, that decision also depends on your impression of how the CU plays.