As you say I think it's raise or fold. If we give average tighty A10-AK or a PP bigger than you, he has to call with most of those hands if you call also, so you're either a flip (or worse, may be in against 4 overs here) or dominated. If you raise I'd assume he's folding anything except KK AA.
But you're still likely dealing with one over in Shorty's hand, and while you're a favorite the risk that you get pwned by tighty here seems greater than the edge you have over shorty. You're only winning 20 bucks or so and you need to risk at least 40 to do it.