Playing the flop with position -- Weak made hand + strong draw

[aK13]

Party Poker No-Limit Hold'em, $ BB (9 handed) converter (http://www.selachian.com/tools/bisonconverter/hhconverter.cgi)

CO ($44.30)
Hero ($72.80)
SB ($50.70)
BB ($47.85)
UTG ($13)
UTG+1 ($52.10)
MP1 ($22.35)
MP2 ($116.65)
MP3 ($93.40)

Preflop: Hero is Button with 8/images/graemlins/heart.gif, K/images/graemlins/heart.gif. SB posts a blind of $0.25.
UTG calls $0.50, UTG+1 calls $0.50, MP1 calls $0.50, <font color="#666666">3 folds</font>, Hero calls $0.50, SB (poster) completes, BB checks.

Flop: ($3) 2/images/graemlins/heart.gif, 8/images/graemlins/diamond.gif, J/images/graemlins/heart.gif <font color="#0000FF">(6 players)</font>
SB checks, BB checks, UTG checks, UTG+1 checks, <font color="#CC3333">MP1 bets $3</font>

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Couple questions here:

1. Raise? or go for overcalls? If his stack was about a buyin ($50), does this change our decision? What if we were the BB and the SB bet?
2. If it's HU, I assume we raise, by how much? If called, and blank turn falls and checked to us, do we bet or take a free card? If bet on the river using this line, do we call?
3. Does anything change if we have bottom pair + the flush draw?
4. What if we are first to act in this situation, we pot, and it's raised a pot?

Thanks.

-Adam

[trumpman84]

I'd probably just call and go for overcalls. Raising will probably get you heads up with a 2nd best hand or a coinflip.

[aK13]

Bump.