I think calling is a bad idea.
-Shortie will still fold if he doesn't like his hand.
-If you do get him all-in there is probably a greater than 33% chance that he triples up, leaving you as the shortie.
-If he folds and you catch two pair, what now?

I'm not sure about raising, but OP does bring up some good points. the problem I have with it is that he can call and if he does lose, he still has 1500 behind, which is still signifigant enough to have a shot. While you bust.