Flopping POWERful draw with overpair

[Vammakala]

PokerStars Pot-Limit Omaha High, $0.50 BB (9 handed) pokerhand.org hand converter

BB ($39.50)
UTG ($18.75)
UTG+1 ($40.05)
MP1 ($49.50)
MP2 ($38)
Hero ($51.15)
CO ($49)
Button ($66.40)
SB ($48.60)

Preflop: Hero is MP3 with 5[img]/images/graemlins/heart.gif[/img], A[img]/images/graemlins/club.gif[/img], 3[img]/images/graemlins/diamond.gif[/img], A[img]/images/graemlins/spade.gif[/img].
<font color="#666666">2 folds</font>, MP1 calls $0.50, MP2 calls $0.50, Hero calls $0.50, <font color="#666666">2 folds</font>, SB completes, BB checks.

Flop: ($2.50) Q[img]/images/graemlins/spade.gif[/img], 2[img]/images/graemlins/diamond.gif[/img], 4[img]/images/graemlins/club.gif[/img] <font color="#0000FF">(5 players)</font>
<font color="#CC3333">SB bets $2</font>, <font color="#CC3333">BB raises to $8.4</font>, MP1 folds, <font color="#CC3333">MP2 raises to $29.6</font>, Hero ????

The BB commented "Just muck it" when I was thinking about it. I do not know what was his intention with it, but it was a bit unethical imo (I thought he'd at least call when he was commenting it so eagerly, but he ended up mucking it after my action).

The thing is, I have a lot of outs, but only a few nut outs. a 6 or ace would give me the nuts, that's 6 outs. MP2 has been playing relatively good compared to the rest of the table. With the action that happened, it would be pretty reasonable to assume MP2 has a set, maybe QQ. What would you do?

Oh and yea I didn't raise preflop, that was mistake I guess. I'm not too experienced PLo player so I do not know exactly how bad of a mistake that is. I guess the idea is to get the pot bigger with the best hand, but I'll often end up winning big pots anyway when I hit so I rather play postflop. Should I always pot AAxx, or maybe AAxx with suited aces (double sooted for sure I guess)?

That's a lot of questions. Thanks in advance.