88 -- play the set as a vulnerable made hand, or as a draw?

[Nick C]

When I flop a set, sometimes I'm not sure whether I should be building the pot or protecting my hand. So, in this posted hand, what do you think?

Party Poker 2/4 Hold'em (9 handed) converter

Preflop: Hero is SB with 8[img]/images/graemlins/spade.gif[/img], 8[img]/images/graemlins/diamond.gif[/img].
<font color="#666666">2 folds</font>, MP1 calls, <font color="#666666">1 fold</font>, MP3 calls, CO calls, <font color="#666666">1 fold</font>, Hero completes, BB checks.

Flop: (5 SB) 8[img]/images/graemlins/club.gif[/img], Q[img]/images/graemlins/spade.gif[/img], A[img]/images/graemlins/diamond.gif[/img] <font color="#0000FF">(5 players)</font>

<font color="#0000FF">I figured, someone's going to like that flop, so I'll check and see what develops. (I didn't think there was much danger of it getting checked through. Also, although my PT stats don't exactly confirm this, based on my read at the time, I thought there was a good chance BB would bet.)

But then when CO raised, I wasn't sure how I should proceed.</font>

Hero checks, <font color="#CC3333">BB bets</font>, MP1 calls, MP3 calls, <font color="#CC3333">CO raises</font>, <font color="#CC3333">Hero 3-bets</font>, BB folds, MP1 folds, MP3 folds, CO calls.

<font color="#0000FF">I decided not to try to get tricky during the rest of the hand, so it sort of plays itself.</font>

Turn: (7 BB) 8[img]/images/graemlins/heart.gif[/img] <font color="#0000FF">(2 players)</font>
<font color="#CC3333">Hero bets</font>, CO calls.

River: (9 BB) 5[img]/images/graemlins/spade.gif[/img] <font color="#0000FF">(2 players)</font>
<font color="#CC3333">Hero bets</font>, CO calls.

Final Pot: 11 BB

Should I have just called two-cold on the flop, despite the potential gutshots and so on, or was the check/3-bet correct?

I think I played this okay, but I'm not sure. I haven't won any humongous pots in awhile -- should I have gone for one here?