I probably play this the same way, but I'm not too keen of thinking too much in terms of representing AA here; you open-raised from the CO, and AA should be about 5% of your range in that spot.
I would be most worried about him having a hand like AQT8 with two clubs, although most people would probably checkraise that at some point.

Yeah, there are definitely some hands against which I'm in trouble. But I think one aspect here is that on the turn, I'm still only risking $17.

One self-reminder I need to remember is that I sometimes don't take these low straight draws sufficiently seriously. Anyhow on a blank or paired river, I'm also only planning on betting maybe $20-$25. So, I lose significantly less when I lose than I do on his bluff.

Also interesting is that, despite his pretty decent draw and the fact that I only have a pair that isn't even TP, I'm pretty noticeably ahead all the way. And his plan is actually pretty good in principle of winning the hand if he hits his draw or taking it away from me if another scare card hits. It fails due to my not having what he thinks I do.

So, with regard to Goop's question of how to win at PLO, this one, I think, might be described as either semi-bluff or misrepresentation with outs.

Or, looked at another way: Bad calls/passive play from my opponent. Note that he actually had only 6 outs rather than the 9 he thought he did--and even those aren't going to get him anywhere if he's just calling, since it just isnt' enough for a call. On the other hand, if he had raised the flop, I simply didn't have a hand that I could call him with. I think reasonable aggression (i.e., always with some decent outs or some kind of "acceptable" made hand) in shorthanded situations also has a LOT of value.