Agree with those NOT saying 1-way. 

In GENERAL, particularly for newer players to the game an easier, effective, money-making (Beastie-boys jingle enhanced) strategy would be to do just that - play nutty A2 hands w/backup.  Stuff like A23, A24/5, etc..   preferably double suited, and preferably with a good high combo card, or pair aside from the A2 sometimes A3.  

However, this isn't maximizing equity and is too simple to just say play this way all of the time.  There is definite spots when it is profitable to enter - particularly in position when it's cheap to limp behind with stuff like double suited, connected broadway cards, two big pairs, etc..    We can charge the draws and/or sometimes lockup half the pot against 2 or sometimes even 3 players with same nut low hand... 

Safe way to play initially would be yes just one way nutty Ace/Wheel combo hands.  

People play too loose in all variants of 08 - especially chasing low draws (as mentioned above by w34znl).

If playing limit I would stick to suited A2 type hands. I prefer something like A23Kss or A24Qss. These type of hands will give you a good change to scoop and you can also value bet/semi bluff/call on high only boards. Often you'll find "good" players attacking high only boards with very marginal hands simply because the texture is not "good" for the hands that should be calling...

With that said - in Limit I think your value comes from value betting rather than trying to represent hands or push people off one way hands as folks rarely fold in limit.

However, if you are playing PLO8 or NLO8 then you can be a little bit looser in your pre-flop hand selection. I still like to stick to the same basic type of hands that I would be playing in LO8 but you can also play one way hands and marginal 2 ways hands much stronger. As mentioned above by Abu Nazir you will gain lots of equity by locking up half of the pot with a nut low (or better yet an uncounterfeitable nut low) and then pushing hard when "obvious" draws come in and also the not so obvious but scary cards like the board pairing or straightening out.

Also, you can gain lots of equity in PL/NL O8 by identifying the players who are willing to call big bets on the river with one way hands and those that are willing to fold. You'd be surprised how often someone will call you down with a bare low like 2nd or 3rd nut low (or worse) thinking they will get "at least half" and you will scoop them with a hand like A238 that has a pair and a nut low.

What hands can we go to war with? My favorite hands to get stacks in are made nut lows with flush draws/straight draws/sets/2 pair/pair + draw. Example is Ah2h3c4c on an 5h2c8h flop. Almost impossible to not get at least 3/4 of this pot if not the whole thing by the river.

Just remember - just like in PLO you always want a back up when the bets get big. It's not usually a good play to get stacks in with just a bare nut low or high only hand on a low board. Also, the same holds true in multi-way pots. It's very easy to get quartered when there is a lot of action and you have a one way only hand. But this is mostly for PL/NL O8 games as getting quartered in a limit game is normally just for a few BBs whereas in PL/NL it can be for your whole stack.

Cheers,

Coby Wright