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SB no read; BB is TPP; MP2 is TPA; MP3 is sLAA

Party Poker 0.50/1 Hold'em (10 handed) FTR converter on zerodivide.cx

Preflop: Hero is MP1 with A[img]/images/graemlins/club.gif[/img], 5[img]/images/graemlins/club.gif[/img].
<font color="#666666">3 folds</font>, Hero calls, MP2 calls, <font color="#666666">3 folds</font>, SB completes, BB checks.

Flop: (4 SB) K[img]/images/graemlins/club.gif[/img], 8[img]/images/graemlins/club.gif[/img], 2[img]/images/graemlins/heart.gif[/img] <font color="#0000FF">(4 players)</font>
SB checks, <font color="#CC3333">BB bets</font>, <font color="#CC3333">Hero raises</font>, MP2 folds, SB folds, BB calls.

Turn: (4 BB) Q[img]/images/graemlins/diamond.gif[/img] <font color="#0000FF">(2 players)</font>
BB checks, Hero checks.

River: (4 BB) 2[img]/images/graemlins/club.gif[/img] <font color="#0000FF">(2 players)</font>
BB checks, <font color="#CC3333">Hero bets</font>, BB calls.

Final Pot: 6 BB

My question is primarily concerned with my raise on the flop. (though other criticisms are welcomed) If my understanding of pot equity is correct, there are 5.0 SB (including BB flop bet) I have roughly 40% chance of taking the hand, so equity would be 2 SB. (is this correct?) So my thought was that this justified a raise. However, do I want to chase the players behind me out? They are tight so I can assume they will likely fold to my raise.
Also, should I have bet the turn, or is it right to take the free card? Thanks.

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I don't raise the flop for the reasons you mention. The pot is small, so most of your value is going to come if you make a flush and get paid off, so I want people in the pot.

If the pot is bigger, there is more value to a raise as you actually want to knock a hand like AJ out so if you hit an ace you can win the pot.