i like this play, but raise pf?

[irishpint]

in late position with this many callers im not too concerned about the limp re-raise. could i have raised this for value, since im assuming they'll put that second bet in? How about the rest of the play, good?

Party Poker 0.5/1 Hold'em (9 handed) converter

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

Flop: (5.50 SB) 4[img]/images/graemlins/club.gif[/img], 7[img]/images/graemlins/spade.gif[/img], 3[img]/images/graemlins/spade.gif[/img] <font color="#0000FF">(5 players)</font>
BB checks, <font color="#CC3333">UTG+1 bets</font>, MP1 calls, MP3 folds, <font color="#CC3333">Hero raises</font>, BB folds, UTG+1 calls, MP1 calls.

Turn: (5.75 BB) T[img]/images/graemlins/diamond.gif[/img] <font color="#0000FF">(3 players)</font>
UTG+1 checks, MP1 checks, <font color="#CC3333">Hero bets</font>, UTG+1 calls, MP1 folds.

River: (7.75 BB) 9[img]/images/graemlins/diamond.gif[/img] <font color="#0000FF">(2 players)</font>
UTG+1 checks, <font color="#CC3333">Hero bets</font>, UTG+1 folds.

Final Pot: 8.75 BB