Nice fold, i think your logic is fine. You're probably better of folding here as you are probably not the best player postflop, even if you where very good the +ev would be marginal at best and due to other things like variance/tilt you would probably be better off folding anyways.

If CO tagged along i would def consider a isolation 3bet, UTG is simply gonna let you know if he has a better hand, or fold out worse, whilst the drunken retard sitting to your right is gonna gladly tag along =)