Betting for value or stupidity?

[ajm36]

I really suck at math. Is this how I should be playing flush and straight draws? What if I was the button instead of BB. What if this hand is K7 or Q7? How many callers do I need to make this profitable. Would capping this flop be out of line? What if I did not have a pair?

Party Poker 0.50/1 Hold'em (9 handed) FTR converter on zerodivide.cx

Preflop: Hero is BB with T[img]/images/graemlins/spade.gif[/img], K[img]/images/graemlins/spade.gif[/img]. MP3 posts a blind of $0.50.
<font color="#666666">2 folds</font>, MP1 calls, <font color="#666666">1 fold</font>, MP3 (poster) checks, <font color="#666666">2 folds</font>, SB completes, <font color="#CC3333">Hero raises</font>, MP1 calls, MP3 calls, SB calls.

Flop: (8 SB) A[img]/images/graemlins/spade.gif[/img], 8[img]/images/graemlins/spade.gif[/img], K[img]/images/graemlins/club.gif[/img] <font color="#0000FF">(4 players)</font>
SB checks, <font color="#CC3333">Hero bets</font>, <font color="#CC3333">MP1 raises</font>, MP3 calls, SB folds, <font color="#CC3333">Hero 3-bets</font>, MP1 calls, MP3 calls.

Turn: (8.50 BB) 4[img]/images/graemlins/club.gif[/img] <font color="#0000FF">(3 players)</font>
<font color="#CC3333">Hero bets</font>, MP1 folds, MP3 calls.