Too fancy? (O8)

[__Q__]

Party Poker 0.5/1 Omaha/8 (3 handed) converter

Preflop: Hero is BB with 8[img]/images/graemlins/spade.gif[/img], 5[img]/images/graemlins/club.gif[/img], 4[img]/images/graemlins/diamond.gif[/img], 6[img]/images/graemlins/spade.gif[/img].
Button calls, SB completes, Hero checks.

Flop: (3 SB) 4[img]/images/graemlins/heart.gif[/img], 3[img]/images/graemlins/spade.gif[/img], K[img]/images/graemlins/club.gif[/img] <font color="#0000FF">(3 players)</font>
<font color="#CC3333">SB bets</font>, <font color="#CC3333">Hero raises</font>, Button folds, <font color="#CC3333">SB 3-bets</font>, Hero calls.

Turn: (4.50 BB) 7[img]/images/graemlins/heart.gif[/img] <font color="#0000FF">(2 players)</font>
<font color="#CC3333">SB bets</font>, <font color="#CC3333">Hero raises</font>, SB calls.

River: (8.50 BB) 7[img]/images/graemlins/club.gif[/img] <font color="#0000FF">(2 players)</font>
<font color="#CC3333">SB bets</font>, <font color="#CC3333">Hero raises</font>, SB calls.

Final Pot: 12.50 BB

Ok, here was my thinking. On the flop, when the SB bet, I was almost certian he had a low draw. I raised to knock out the button and take the lead in the betting. I figured that I had some outs for a high hand, and if the low hand didn't come in, I could get him to fold. (I'd seen him fold on the river when no low came a couple times)

Was this a good play, or am I kidding myself?