Omaha h/L is one of my favorite games too. To answer Checkermate if there are only 3 players in the Pot and you only have a chance at Low Don,t Bet.You can only win 1/2 the Pot at best and like you say could very often find yourself only getting a 1/4 of the pot.I hate ROOKIE players that Raise and Re-Raise with just the Low.When I only have the NUT low too(its hard to fold a NUT Low) and i get sucked into the 1/4 Pot deal.Omah8 is a Big draw game and tripps more than not get beaten in limit.Your only chance is if you can make a Big Bet to push players off there draws.
RG