Good board to c/r bluff as this misses most of his btn range, hits your calling range and you're right in that he'll only continue with 20-25% of his holdings (but I doubt we can get him off most of these unless we're willing to barrell away and get it in). $1.20 will most likely be fine.

Would be interested to know his turn barrel % though as I'd be tempted by the riskier flop chk/call and turn c/r line against this villain, as long as I was happy he's not the sort of bad lag that can't fold (which it seems we are happy about).