20/40 7-high: Another flush draw that turns into something else
 

I'm not sure this is actually very interesting. I may post the rest of 4th and 5th after some responses.

Seat 1 is bad, loose, moderate aggression. Seat 5 is quite good, tricky, aggressive.

7 Card Stud High ($20/$40), Ante $2, Bring-In $5 (hand converter)

3rd Street - (0.70 SB)

Seat 1: xx xx A[img]/images/graemlins/club.gif[/img]___completes
Seat 2: xx xx 2[img]/images/graemlins/spade.gif[/img]___folds
Seat 3: xx xx 6[img]/images/graemlins/heart.gif[/img]___folds
Seat 5: xx xx 6[img]/images/graemlins/club.gif[/img]___calls
Seat 6: xx xx 2[img]/images/graemlins/club.gif[/img]___brings-in___folds
Hero: 7[img]/images/graemlins/heart.gif[/img] Q[img]/images/graemlins/heart.gif[/img] 3[img]/images/graemlins/heart.gif[/img]___calls___calls
Seat 8: xx xx 6[img]/images/graemlins/diamond.gif[/img]___calls___calls

4th Street - (4.95 SB)

Seat 1: xx xx A[img]/images/graemlins/club.gif[/img] 9[img]/images/graemlins/spade.gif[/img]___bets
Seat 5: xx xx 6[img]/images/graemlins/club.gif[/img] Q[img]/images/graemlins/diamond.gif[/img]___calls
Hero: 7[img]/images/graemlins/heart.gif[/img] Q[img]/images/graemlins/heart.gif[/img] 3[img]/images/graemlins/heart.gif[/img] Q[img]/images/graemlins/spade.gif[/img]___raises
Seat 8: xx xx 6[img]/images/graemlins/diamond.gif[/img] T[img]/images/graemlins/club.gif[/img]___?

Re: 20/40 7-high: Another flush draw that turns into something else
 

I like it.
You very likely have the best hand - given your description seat 1 could have just about anything; seat 5 looks like a medium pair to me; you didn’t say anything about seat 8, but his hand pretty much has to be a pair or a bricked 3-flush, either of which will hopefully fold.
The dead queen wouldn’t worry me, especially since your 3-flush more than makes up for it.
I don’t see any point in waiting for a later street to raise either.

Re: 20/40 7-high: Another flush draw that turns into something else
 

I agree with everything Roland said. I think that raising here is much better then calling.

Re: 20/40 7-high: Another flush draw that turns into something else
 

Will seat 1 ever three-bet without a pair of aces?

Re: 20/40 7-high: Another flush draw that turns into something else
 

I would judge that to be very unlikely, but not impossible.

RESULTS
 

On 5th street I caught the case queen, and everyone folded.

I didn't think it was as clear cut as you guys, because the 1 seat while bad was not super aggressive, so it seemed at least reasonably possible that he did have aces.