I play it the same way. You have some fold equity and the raise gives you control of the pot which may earn you a free river card if you miss the turn. If plays back at you unless he is holding a bunch of your outs you aren't going to be worse then a coin flip.

This is the classic pairing in PLO, big wrap vs. top set. It is equivalent to over cards vs. a small pair in HE or top set vs. nut flush, nut low draw in PLO8.

This flop is the only reason you play that hand. If you're not going to play this fast, then I suggest not playing the hand at all. If there is also a flush draw on the flop (or more opponents) then it becomes a bit more subtle.

Oh, another reason to raise the flop (if the pot is not HU on the flop) is that other people may have a high card hand. If you raise, you clean up some of your outs.