Well I wouldn't be calling the raise on the flop hoping it checks down on the turn. It doesn't seem very likely to happen with two other players. I'd be making a decision on the flop if I think my hand is good. That's not to say that I'd reraise on the flop, because that would price out the hands that pay you off big here. I'm more likely to flat call and check/raise a safe turn if I decide that my KQ is good.
But I think it's perfectly reasonable to fold to the flop raise. Your ideal situation is that they both have weaker queens, but that seems so unlikely both as a matter of raw probability and the strength that they are showing on the flop. Frenzy's most likely hands in cold calling a raise are OESDs, monsters, and moderate to strong queens, making it a SA/WB situation (slightly ahead/way behind). Add to that the fact that the raiser is repping at least KQ, and I think it's a dangerous spot. I think I like a flop fold best. It would take some loose reads on these opponents to make me want to tangle with TPSK.
Edit: If I had opted to call the flop and check/raise the turn, and then he came out with that bet, it would definitely give me pause. To me that looks like a strong made hand that's not worried about better made hands but is worried about draws. I'm definitely not above saying, "Oops, I made the wrong decision on the flop," and just chucking it on the turn.