Agree with everything else you have said in this thread, but isn't our hand a little too strong on this flop to not either lead or check call a bet?  I realize there are very few good turns but just seems sort of weak to be check folding no?

@steveg12: Good to see you here! :)

Technically, we can't x/c or lead because we are IP against 2 other players.  If we were OOP, I think check/calling or lead/folding is an okay play, although I don't think we can make tons of money either way, anyway.  Naked bottom 2 pairs are very weak hands in PLO, and we don't have any clean outs. 

Here, I don't think calling one street is all that bad when we are IP, so my default play would be to call.  We do have 2 backdoor FD's as well, so folding is probably too nitty.  There are certain cases, however, where I'd just pitch bottom 2 right away on the flop.  Mostly when I am OOP, but I can think of some cases where I'm IP as well. 

For every hand you play preflop, think about the postflop scenario you are setting yourself up for. Does your hand play well there? If it does, you play, if not, you fold, or (if possible) try to create another scenario where it does play well.

For raggedy non-nutty hands like T875, you prefer to play HU and in position. 3-betting sets you up for that. And the same goes for even more raggedy hands, as long as you have some connectivity and suits. But those hands do not play well in multiway, singleraised pots, since in those scenarios making the nuts is so important. So you stay out of those, especially out of position.

Then there are in-between spots where you have a hand that is weak'ish multiway, but you can not create a HU spot, and bloating the pot does not do you much good. So your options are to flat and take your chances multiway or to fold. Here you just have to use your best judgment. :-)

Hand like 8776 ss has only one suit and has a pair in it, so hands with a pair in it doesn't work as great as 3 bets, and one suit diminishes value of isolation as such.

Well, this is not always true.  Why are pair hands like 8776ss a bad candidate for 3bet?  Sure, you could choose a better hand like 8765ds or 8776ds, but 8776ss hands play well in 3b pots, too.

On the other hand, these hands don't play well in 4-bet pots, and we mostly have to fold when getting 4-bet.  This is the crucial difference between hands like 8776ss and T874ds, because the latter can easily call the 4-bet.  But at micro stakes, people's 4betting range is mostly AAxx anyway and that shouldn't happen very often.  

It's hard to compare the EV of flatting and 3betting with 8776ss on the BTN, but in general, there's nothing wrong with 3betting and taking it HU with non-nutty hands.

Also, "value of isolation" doesn't have much to do with having a singled-suited or a double-suited hand.  If our isolation worked, we're off to the flop HU and will take down the pot reasonably often, because people tend to play straightforwardly in 3b pots, especially OOP.  If our isolation didn't, now our hand value kind of matters and it helps to have a $ds hand, but that has little to do with value of isolation because well, our isolation didn't work.  

Well thing is, routinely flatting these hands and going to the flop 3- or 4-way can be a mistake that is hard to spot.  And even if certain hands were not ideal to 3bet, we have to compare the EV of folding and flatting, instead of just flatting.  

Your argument was that having a pair and only a single suit decreases the value of iso raising, and mine was that it doesn't matter a ton unless villain often makes a move in 3-bet pots or 4-bets a lot.   I believe 3betting is a superior choice to folding or flatting.  If you don't think 3betting is profitable, that's fine; but why would flatting be profitable, then?