Earlier today I found myself in a very similar situation (turned out better for me though):

PokerStars Pot-Limit Omaha High, $0.25 BB (8 handed) converter

saw flop|<font color="#C00000">saw showdown</font>

MP2 ($1.90)
<font color="#C00000">CO ($29.45)</font>
Button ($14.25)
<font color="#C00000">SB ($11.15)</font>
<font color="#C00000">Hero ($38.90)</font>
UTG ($58.95)
UTG+1 ($20.05)
MP1 ($25)

Preflop: Hero is BB with 8[img]/images/graemlins/heart.gif[/img], 5[img]/images/graemlins/heart.gif[/img], K[img]/images/graemlins/heart.gif[/img], 8[img]/images/graemlins/diamond.gif[/img]. MP1 posts a blind of $0.25.
UTG calls $0.25, UTG+1 calls $0.25, MP1 (poster) checks, MP2 calls $0.25, CO calls $0.25, Button calls $0.25, SB completes, Hero checks.

Flop: ($2) 8[img]/images/graemlins/club.gif[/img], 7[img]/images/graemlins/club.gif[/img], 3[img]/images/graemlins/heart.gif[/img] <font color="#0000FF">(8 players)</font>
<font color="#CC3333">SB bets $0.75</font>, Hero calls $0.75, UTG folds, UTG+1 folds, MP1 folds, MP2 folds, <font color="#CC3333">CO raises to $4.9</font>, Button folds, SB calls $4.15, <font color="#CC3333">Hero raises to $21.5</font>, CO calls $16.60, SB calls $6 (All-In).

Turn: ($55.90) K[img]/images/graemlins/diamond.gif[/img] <font color="#0000FF">(3 players, 1 all-in)</font>
<font color="#CC3333">Hero bets $17.15 (All-In)</font>, CO calls $7.70 (All-In).

River: ($80.75) 5[img]/images/graemlins/spade.gif[/img] <font color="#0000FF">(3 players, 3 all-in)</font>

Final Pot: $80.75

Results in white below: <font color="#FFFFFF">
CO has As Ts 9d Ac (two pair, aces and eights)
SB has 7d Kc 7s 2d (three of a kind, sevens).
Hero has 8h 5h Kh 8d (three of a kind, eights).

Outcome: Hero wins $80.75. </font>
I felt the $0.75 cent bet was low enough that I could go for a virtual check-raise. At the time, I didn't feel I had much equity in the pot to defend and I didn't want to play OOP with a fairly deep stack for a moderate sized pot on such a draw heavy board. It was either small or giant - that was my thinking anyway. I also felt fairly confident that someone would put in some kind of raise behind me (there were 6 players left to act after all) but I didn't have as good a reason as you did to believe anyone in particular might raise.

Is this a well thought out line or is it an example of FPS?