[cmwck]

You can sometimes raise this PF.
Flop raise looks fine.
Once UTG folds, I think you're more like ahead/way behind. If you beat him, he could still have 6 outs to beat you. If he does have a king (unlikely given your description), you have 2 outs. EDIT: i guess if we assume he's not a total maniac then we can eliminate two high cards from his holdings. In that case it's WA/WB like you said.

Still, I don't think this changes our play. We still want him to keep bluffing or overplaying his 3, so raising the turn to stop a bluff is the wrong idea.