Too Tight?

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So here's a hand for you guys and I'm wondering if I played too tightly PF on this one.

Single Table Live Tourney: Blinds now were t150-t300

(rough estimates... I didn't ask a chip count)
Button ~t3000 (tight PF, aggressive postflop but likes to bluff a lot)
SB ~t5000 (very tight PF, good tourney player)
BB ~t3000

Hero is BB and is dealt A [img]/images/graemlins/diamond.gif[/img] J [img]/images/graemlins/heart.gif[/img]

Button raises to 700
SB Raises to 2000
BB folds

We all three play together a lot and each of us knows how the other plays. My other friend who busted out of the tourney in about 5th or 6th out of 9 told me that this play was way too tight PF and that I should have gone all-in 3-handed.

I'll post my rationale after I hear some feedback.