On flush draws one-carded and third-nut

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The following hand exemplifies my confusion with one-card flush draws. The entire table is loose and passive preflop the turn bettor is fairly aggressive postflop and the turn caller is fairly passive.

Party Poker 1/2 Hold'em (6 max, 5 handed) converter

Preflop: Hero is BB with K[img]/images/graemlins/spade.gif[/img], Q[img]/images/graemlins/heart.gif[/img].
<font color="#666666">1 fold</font>, MP calls, Button calls, <font color="#666666">1 fold</font>, <font color="#CC3333">Hero raises</font>, MP calls, Button calls.

Flop: (6.50 SB) 3[img]/images/graemlins/heart.gif[/img], T[img]/images/graemlins/diamond.gif[/img], 6[img]/images/graemlins/heart.gif[/img] <font color="#0000FF">(3 players)</font>
<font color="#CC3333">Hero bets</font>, MP calls, Button calls.

Turn: (4.75 BB) 8[img]/images/graemlins/heart.gif[/img] <font color="#0000FF">(3 players)</font>
Hero checks, <font color="#CC3333">MP bets</font>, Button calls, Hero calls.

River: (7.75 BB) 4[img]/images/graemlins/heart.gif[/img] <font color="#0000FF">(3 players)</font>
Hero checks...

My turn thinking is that I didn't want to pay 2 bets to get to the river, that I doubted I could semibluff them both out with any frequency, and the possiblity that it would just get checked through.

My river thinking was that the turn bettor would bet or fold worse hands but raise better ones. I was planning to call or overcall because a three-bet would suck donkey-balls.

Critiques?

Also, if you bet anywhere, what's the lowest heart that you would play the same way with?