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I'd bet the flop. If I was OOP, I might check this, but your hand isn't that bad and they checked to you so bet. The turn is debatable against unknowns. It would suck to fold the best hand to some moron 3-beting T9 here, but there are tons of draws. It's a crappy spot. The river is the easiest part of this hand. Bet it. I wouldn't put to much effort into thinking about things like "both players take their time before checking." That could mean anything. I doubt you're getting c/r here very often. If you are, you're hand is almost certainly no good getting 7.5-1.

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very good post, I dunno what I would do if I was in Irish's mindframe and some guy c/red 78 against me on the river. How often are we good here if rivered is c/red? Like 0%?