[Fiasco]

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1) 5cd - MP opens, CO calls, i 3-bet with 888T4, 2 calls. Both MP and CO draw 1. Do i draw 1 or 2 here? Whats the significance of drawing 1 or 2? Does it disguise my hand better?

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I tend to draw one here. You'll often get payed off (or even bet into) by higher two pairs, if you draw one. You're halving your chances of making a boat by only drawing one, but your chances of making a boat are pretty small anyway. Since your opponents raised and called a raise, I think that their likely holdings are two pair, so definitely better off taking one.

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2) 2-7 - HU on the button with 2345T vs aggro opponant. Final draw, he draws one. Do i pat or draw 1 as well? If he checks, do i bet for value? What hands are favorite vs a single card draw?

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A jack is a favorite over any one card draw on the end. I would stand pat, and probably check behind on the last betting round.

I think other people answered the razz question.