Knowing the UB $5.50s quite well, I'd have to say that you get a ton more value out of your 88 by limping and reevaluating on the flop. Like a previous poster said, you're still left with 15BB with this and flopping a set in that stage can really make you some serious chips.

A raise of t350 in early position is just hoping for a fold and while taking t150 isn't bad, I think you've now exposed yourself for a lot more, out of position, stand only to be pushed off your hand.

Limp and see what happens here. 88 is going to be look awful out of position against almost any flop.