Assume villain is a weak/average TAG. Stats like 29/18/1.8, folds to 3bets, doesn't play back light, adjusts poorly. How often should be making plays like this with air, and what kind of hands are we balancing?

PokerStars No-Limit Hold'em, $0.50 BB (6 handed) Poker-Stars Converter Tool from FlopTurnRiver.com (Format: FlopTurnRiver)

BB ($34.95)
UTG ($64.10)
MP ($50.10)
CO ($68.25)
Hero ($51.10)
SB ($29.50)

Preflop: Hero is Button with AIR.
2 folds, CO raises to $2, Hero calls $2, 2 folds.

Flop: ($4.75) 7, 2, 5 (2 players)
CO bets $3, Hero raises to $8.5, CO calls $5.50.

Turn: ($21.75) 4 (2 players)
CO checks, Hero bets $12, CO calls $12.

River: ($45.75) 4 (2 players)
CO checks, Hero checks.

Final Pot: $45.75