Pretty standard shove I think
It's a standard shove if everyone folds to the button (or even if someone limps, if you've confirmed they are a HBL rather than someone being tricky from EP with aces). I think though that Sklansky's Gap Principle applies quite well here when someone has already raised; and KQ is a relatively weak hand (dominated by AK and AQ, and a dog against any PP and even Ax). It's not like you can put villain in mortal fear with your stack that is one-third the size of his. And though I don't advocate shutting down completely near the bubble by any means, that is a factor as well. Much better to steal when no one has shown strength.
I wouldn't completely rule out a shove, but I'd need more info. When villain was caught stealing, was it from MP, or more from the CO or button? How aggressive have the SB and BB been in defending their blinds? Most solid players would I think be careful about going on a pure steal from relatively poor position, against the two players that have double and triple their chips! (Unfortunately for villain, he doesn't have other middling stacks to steal from: as Phil Gordon has pointed out, trying to steal from desperate short stacks can be troublesome.)
Is it a turbo? Are the blinds going up soon? If not, I think I'd lean toward waiting for a better spot. I don't like a flat call with an M almost in the Red Zone, especially since hitting the flop might mean you're drawing slim against AK or AQ anyway. And speaking of AK and AQ, what do you do if you flat call, then the flop is AKx or AQx? Hard to fold in that situation, but also hard not to feel like you are very likely to be beat. Just ugly all around.
Alan