Bet out or Lay Low?

[MtSmalls]

A friend and I disagreed about my play here, so I thought I would seek more input.

Scene: Hollywood Park, 4-8 game. This is a strap yourself in, rock and roll 4-8 game. There hasn't been a pot less than $100 in the last half hour, and not many less than $150. There are NO tight players at the table. I am in seat 2, and have just dropped $150 in the game, and rebought for another $100. (something like A-K suited catching the top pair top kicker, only to be run down by 10-6 suited catching runner runner). I know about the variance, but I'm thinking if I lose this rack, I'm done for the night. The only other character pertinent to the scenario is in the four seat. We'll call him Chip Spewer (CS). He has raised 4 hands out of 5 in the last hour, with as little as 8-7 suited (that I've seen).

The Hand: I'm now the BB and have 10-9 unsuited. CS makes it two bets, and the 6 seat makes it three bets. 7-8-9 all call three bets cold before the 10 seat folds. The SB calls 2.5 bets. I had thought to fold when he raised, but looking at table, I see I'm getting more than 8-1 on the call. So I call two cold, and CS makes the cap, everyone calls. 7 players, four bets each. I think this call was debatable, especially given my thoughts of "protecting" this rack.

The flop comes down 10-9-3 rainbow. I couldn't ask for much more. And here's where the disagreement starts: I bet out rather than looking to check raise. Its maybe 60-40 that CS is going to raise me, but 100% sure he'll bet if I don't. My thought is that my hand is the best right now, but no monster, and I want the rest of the field to face 2 bets, or get information from anyone else raising. My friend's thought is that check-raising gets one bet from everyone in the pot first, THEN forces them to face two bets. There is at least a 30% chance I would have the option of check-three betting, or continue to lay in the weeds and let CS three bet.

I still believe the straight forward play in this game is preferable.

Thoughts?

Rest of results in white:

<font color="white"> I bet, CS raises, four callers, I three bet, CS caps, everyone calls. Turn was a Jack to complete the rainbow. I again came out betting, CS raised, three callers, I called. River was a blank, I bet out again, got three callers including the Chip Spewer and MHIG. </font>