Live Cash game , £0.50/£1
My image is tight. Have been card dead all night. Loose table full of calling stations, really need some sort of hand to go to war with. Eight players dealt a hand.
Have been playing with a reduced stack because I want to try it before I knock it and also I want to save my funds for the crazy Norwegians next week.
At the start of the hand I have £48, not having had time to top back up to £70 which is the short stacking figure I had decided on before I started.
My opponent has not long been sat down. His stack is £45.50.
I am UTG and see

I raise to £6 and get two callers, one of whom is my opponent in early position.
The flop is

I lead out for £12, opponent re-raises all-in to £39.50. Other player gets out of the way.
Now my reasoning is as follows and I would like some opinions as to whether it was sound please..
I think he is bluffing - 0 % (given both our stack sizes)
I think he has a set - 25 % chance (given the way he played pre-flop, the way most people would play a set with the flush draw on the flop and the Ace also(which he is likely to put me on))
I think he has two pair - 15% chance (given the call from early position with players to act behind, A,6 or 4,6 seem less likely)
I think he has a flush draw - 30% chance (at this level short stackers routinely shove all in on flush draws)
I think he has a flush and straight draw - 5% chance (I am behind to this but have the odds to call anyway)
I think he has a worse ace - 20% chance (I have no evidence yet to suggest he is weak enough to overvalue a weak ace but at £0.50/£1 they usually are)
I think he has an under pair to my aces but an over pair to the board - 5% chance (a decent pair would have raised preflop and the ace, given my preflop strength, would surely scare him away, especially given my image, although of course in his eyes I don't have one yet)
I make the call being given 3.3 to 1 with two cards to come and he flips over 4,6 offsuit for bottom two pair. Ignoring the fact that I think his call, for a sixth of his stack with players to act behind and into my puny stack also, sucks really badly, is my percentage breakdown reasonable?
Thanks for any opinions