Even getting 4 to 1, I would muck this preflop from the blinds. This would change if the people at the table were either really straight forward, or really spewy.
Maybe I am lighting money on fire by folding, but I look for almost any reason not to play marginal hands oop.
I think all 3 options are reasonable (squeezing is prolly the best option only a very few % of the times), it depends a lot on the opps and your image in a game like plo. folding is the std tag play imo.
just few numbers:
- when we flop a FD its gonna be the NFD 2/11=18.2%
- when we have a flush with 3 hearts on the board we will have the nut flush 3/11 = 27.3%
- when we have a flush with 4 hearts on the board we will have the nut flush 4/11 = 36.4%
and vs a thinking opp its gonna be easier to get paid with a K-high NUT flush that with an A-high nut flush