Tournament hand from an Omaha novice

[RandomUser]

This is from a $10 tourney on PP. I figured $10 was worth several hours of tournament education, since I'm very new to Omaha.

In this tourney there were 4-6 limpers nearly every single pot. Should I have raised significantly preflop? I'm a bit unsure on what holdings I should be raising with.

When the flop hit me as hard as it did, should I have bet smaller once everyone checked to me?

Party Poker Pot-Limit Omaha/8 Tourney, Big Blind is t30 (8 handed) converter (http://www.selachian.com/tools/bisonconverter/hhconverter.cgi)

CO (t1507)
Hero (t4076)
SB (t720)
BB (t2480)
UTG (t2818)
UTG+1 (t870)
MP1 (t2527)
MP2 (t1578)

Preflop: Hero is Button with 2/images/graemlins/heart.gif, 3/images/graemlins/heart.gif, K/images/graemlins/spade.gif, A/images/graemlins/spade.gif.
<font color="#666666">2 folds</font>, MP1 calls t30, <font color="#666666">1 fold</font>, CO calls t30, Hero calls t30, SB completes, BB checks.

Flop: (t150) K/images/graemlins/heart.gif, 8/images/graemlins/spade.gif, 5/images/graemlins/spade.gif <font color="#0000FF">(5 players)</font>
SB checks, BB checks, MP1 checks, CO checks, <font color="#CC3333">Hero bets t150</font>, SB folds, BB folds, MP1 folds, CO folds.

Final Pot: t300

[Ribbo]

Raise to 4x blinds with this hand preflop, especially from the button. On that flop, shove with everything you have got.

[handsome]

wtf? I just checked and Party doesn't have any $10 PLO8 tourneys.. anyhow, I'd raise pot preflop and bet pot postflop. That kind of flop should make you cream your pants