I thought that I was playing some good tight-agressive microstakes poker lately, till I came across this hand which I problably played terrible in the most terrible way possible

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villain is a 23/19/3 (over 461 hands)
He's been opening very loose and is been trying the steal the blinds from LP with junk like everytime
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Party Poker No-Limit Hold'em, $0.04 BB (9 handed) - Party-Poker Converter Tool from FlopTurnRiver.com

saw flop | saw showdown

UTG+1 ($1.66)
UTG ($5.81)
MP3 ($5)
Hero (CO) ($5)
MP1 ($4.60)
BB ($5.13)
SB ($1.69)
Button ($6.12)
MP2 ($1.32)

Preflop: Hero is CO with A, 10
4 folds, MP3 bets $0.16, Hero calls $0.16, 3 folds

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I normally would never call this, but since he was so laggy I put his 19% PFR (accually a little higher in LP) in pokerstove and it turned out I had a little edge so I gave it a try.
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Flop: ($0.38) 7, 8, 4 (2 players)
MP3 bets $0.23, Hero raises $0.50, MP3 calls $0.27
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Since he Cbets 55% and I guessed this flop nearly ever hits him I went for a raise.
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Turn: ($1.38) A (2 players)
MP3 checks, Hero checks

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He calls, I feel like a jerk for trying to bluff a maniac, but I also hit my ace which makes me think I'm ahead. Here is where I think it gets even more ridiculous:
He check's I'm thinking: 'Oh he checked, that ace couldn't hit him' I better check to'. That way he's going to bet the river with his hand that was good by the flop, but is worthless now that the A came up.
(I clearly didn't think that one true)
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River: ($1.38) Q (2 players)
MP3 bets $0.99, Hero raises $1.98, MP3 raises to $4.34 (All-In), Hero calls $2.36 (All-In)

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villain bets: Yes my brilliant strategy worked. Now all I have to do is call... wait a second I can make a small raise, I obviously have the best hand and he's so loose he'll call me with worse
He raises: I go donkstylez

Total pot: $10.06

Results below:
MP3 had 8, 7 (two pair, eights and sevens).
Hero had A, 10 (one pair, Aces).
Outcome: MP3 won $9.56

Questions:
PF: Is thinking like this (relying purely on stats) good or dangerous.
F: Is this stupid, since he's so loose?
T: Is this retarded
R: I rest my case