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First off I would need a read on MP player. Has he been playing tight, loose etc. If he has been playing pretty tight, then you know that you will only get called down by hands that beat you, and or the coinflip situation with AK, maybe AQ. If he has been loose then I can see you taking down the hand against his lowerpairs and losing to his big ones, and again coinflipping against AK AQ. So, against a tight MP1 i fold because i would rather not be coinflipping here. Against a semiloose MP1 I push.

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If he's tight, though, doesn't he fold to the reraise a significant percentage of the time, which improves hero's chances of taking the pot down and compensates somewhat for the tighter range of hands?

I like the all-in but I tend to err on the side of aggression, and on the bubble I'm constantly attacking.